Cryptocurrencies struggled to gain momentum on Monday despite a sharp recovery across Wall Street. As of early evening on November 9, Bitcoin (BTC +0.77%) edged up 0.14% to $74,824.47, while Ethereum (ETH -0.58%) gained 0.11% to $2,126.59. Solana (SOL +0.77%) rose 0.19% to $86.48. The muted performance stood in sharp contrast to the Nasdaq Composite's nearly 3% rally, underscoring continued weakness across digital assets.

What's driving crypto markets

Cryptocurrency markets continued to struggle on Monday, even as investors returned to technology and semiconductor stocks following last week's sharp sell-off. While the broader equity market staged a strong recovery, Bitcoin remained below $75,000, suggesting that selling pressure across digital assets has yet to subside.

Institutional demand remains a major concern. U.S. spot Bitcoin ETFs recorded approximately $1.28 billion in net outflows last week, their largest weekly withdrawal since late June. Ethereum ETFs experienced another $365 million in outflows, bringing combined withdrawals to roughly $1.65 billion.

Meanwhile, Ethereum co-founder Vitalik Buterin recently weighed in on the cryptocurrency's long-term investment case, arguing that its value should be rooted more in security, decentralization, and stability than in transaction fee burns. While the comments highlight Ethereum's evolving positioning, investors remain focused on deteriorating market momentum and the broader macroeconomic outlook.

Crypto ETF snapshot

Spot cryptocurrency ETFs also traded lower on Monday. The iShares Bitcoin Trust ETF (IBIT -1.31%) declined 1.31%, while the Fidelity Wise Origin Bitcoin Fund (FBTC -1.33%) fell 1.34%. The iShares Ethereum Trust ETF (ETHA -4.51%) dropped 4.51%, reflecting continued pressure across cryptocurrency-linked investments despite the broader stock market recovery.

What this means for investors

Monday's divergence between cryptocurrencies and technology stocks is not what investors hoping for a sustained recovery want to see. Bitcoin's ability to defend the $74,000 to $75,000 region is becoming increasingly important. A sustained break below this range could expose the market to further losses, while a recovery above $80,000 would offer a more encouraging sign that buyers are returning. Ethereum and Solana face similar challenges, having surrendered much of their earlier gains and now trading near important support levels.

Perhaps the clearest signal to watch is institutional demand. After more than $1 billion in Bitcoin ETF outflows last week, a sustained return to positive flows would help establish whether investors are regaining confidence. Equally important will be whether cryptocurrencies begin to outperform technology stocks rather than continue to lag during broader market rallies.

Until those conditions improve, investors should remain cautious about treating short-lived price rebounds as evidence that the correction has ended. With the next U.S. inflation report approaching, interest rate expectations and broader liquidity conditions could provide another important test for cryptocurrency markets.

Top 10 crypto performance

Ranked by market cap. Price and 24-hour change for BTC, ETH and SOL: FMP, the same figures used in the text above. All other figures: CoinGecko, as of November 09, 2026 21:17 UTC.

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