The cryptocurrency market saw Bitcoin (BTC) trade around the $74,000 level on Nov. 10. According to CoinMarketCap data, the price stood at about $74,867 in the early morning of Nov. 10 Japan time, down 0.97% over the past 24 hours. With weekend trading thin, forced liquidations amplified selling, and Bitcoin failed to follow U.S. equities higher.
In the early morning of Nov. 9 Japan time, Bitcoin plunged from $75,690 to $73,477 in just about 15 minutes. Over the surrounding 24 hours, roughly $300 million in liquidations occurred in the derivatives market, the bulk of them long positions. With liquidity thinning over the weekend, selling tied to forced liquidations likely widened the decline.
The strength in U.S. stocks also weighed on crypto. The tech-heavy Nasdaq Composite rose 2.75%, the S&P 500 gained 2.35% and the Dow Jones Industrial Average added 2.15%, all moving higher, but Bitcoin only managed to recover from its lows. Ethereum (ETH) and XRP fell about 5%, while Solana (SOL) dropped just under 3%. Gold rose 1.8% to $4,148 per troy ounce, while WTI crude fell nearly 5% to around $87 a barrel.
With Democrats winning majorities in both chambers of Congress in the U.S. midterm elections, caution is spreading in the market that crypto regulation will tighten. In addition, the roughly $6.3 billion hack at Binance on Oct. 30 (Japan time) is also being watched as a concern.
Note: Prices are based on CoinMarketCap and market data. Crypto percentage changes are as of the early morning of Nov. 10 Japan time.
On-chain analysis also shows signs that large holders moved to buy more during the selloff. According to analytics firm Santiment, major holder cohorts accelerated accumulation as Bitcoin corrected toward $75,000. Over the past two weeks, wallets holding 1–10 BTC and wallets holding 10–100 BTC added a combined more than 14,000 BTC. The firm called the transfer of so much Bitcoin to these cohorts during a heavy selling phase a "bullish signal," and said the key is whether the trend continues as market sentiment tilts toward pessimism.
CryptoQuant, meanwhile, is cautious about a near-term recovery. The short-term holder spent output profit ratio (SOPR) is below the break-even level of 1, suggesting short-term investors are selling while sitting on average losses. The ratio of market capitalization to realized capitalization (MVRV) stands at 1.40, indicating the market as a whole still holds unrealized gains. "A sustained recovery requires SOPR to rise above 1. What matters is not just that Bitcoin rebounds, but whether actual buyers return," the firm said.
The market's next focus is the U.S. October Consumer Price Index (CPI), due at 8:30 a.m. EST on Nov. 10 (Tuesday). The result could move prices through its impact on the outlook for U.S. monetary policy.
Among related names, Strategy Inc. (MSTR), which holds a large amount of Bitcoin, ended down 2.59%, while Bitmine Immersion Technologies Inc. (BMNR) fell 0.80%. The total cryptocurrency market capitalization stood at $2.601 trillion, up 1% over 24 hours.
