Crypto Market Under Pressure: Macro Data and ETF Outflows Weigh, Whales Accumulate

On November 9, spot Bitcoin ETFs recorded net outflows of $201.08 million, while spot Ethereum ETFs saw $184.51 million in capital outflows. These persistent outflows indicate weakening institutional demand, intensifying price pressure on leading cryptocurrencies.

A newly created wallet withdrew 1,489 BTC (approximately $111.34 million) from BitGo, and three other new wallets collectively withdrew 1,002.86 BTC (around $75 million) from Binance. These significant withdrawals from exchanges by large investors are often interpreted as a sign of long-term accumulation and confidence in Bitcoin, despite recent price dips.

The number of non-empty Bitcoin wallets has decreased by approximately 108,700 since October 16, when it reached 59.99 million. This decline, as Bitcoin's price dropped below $75,000, may indicate that small-scale holders are losing patience and liquidating positions, a trend that has historically preceded market rallies.

The planned Ethereum "Glamsterdam" update appears to be facing indefinite delays after issues were identified during test runs on the Sepolia network in October. The postponement of the next developer meeting to November 19 and concerns regarding smart contract execution without pre-determined fees could impact Ethereum's development and push the update into next year.

Coinbase, Kalshi, Payward (Kraken's parent company), DRW Holdings, Jump Trading, and Paradigm have requested court permission to file an amicus curiae brief. This brief supports the Commodity Futures Trading Commission's (CFTC) oversight of single-stock perpetual futures in the US, which could foster regulatory clarity for these products.

Singapore-based Bitcoin mining giant BitFuFu has increased its Bitcoin holdings to 1,454 BTC, despite a decline in mining output and a broader market downturn. This represents an increase of 66 BTC month-over-month and signals the company's long-term conviction in the top cryptocurrency.

Following the release of Hims & Hers' third-quarter financial report, which showed negative net results and lowered profit guidance, the HIMS perpetual contract on Hyperliquid plunged over 10%. This decline reflects the derivatives market's reaction to the disappointing company figures, with the implied derivatives valuation of the company falling significantly.