Bitcoin is trading near $74,200 this morning, its lowest level since August, after sliding from $75,690 to $73,477 in roughly 15 minutes late Sunday. Total crypto liquidations reached $1.04 billion over 24 hours, according to CoinGlass data. About 90% of liquidated positions were longs, meaning the market had been leaning heavily bullish before the floor gave out.
What makes this selloff worth watching more carefully than the last one is what happened everywhere else. Reuters reported Monday that MSCI’s broadest Asia-Pacific index rose 0.8% and Japan’s Nikkei advanced 2.5% as investors bought back last week’s crash. Bitcoin fell anyway. On the way down, crypto tracked the equity rout closely. On the bounce, it did not participate. That is a different kind of signal than a correlated selloff.
Stocks in Focus
IBIT: US spot Bitcoin ETFs recorded about $1.282 billion in net outflows during the week of November 2 to 6, according to widely tracked daily flow data. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for roughly 94% of the total. Withdrawals peaked late in the week: $430.2 million left on November 5 and $411.9 million on November 6. The outflows pushed 2026 year-to-date net flows for US spot Bitcoin ETFs below zero. Watch whether today’s session extends the outflow streak or marks a floor for institutional demand.
MSTR: Bitcoin’s drop has taken it below the average acquisition cost of Strategy, the company formerly known as MicroStrategy, which held 849,327 BTC as of November 1 at an average price of $75,451 per coin, as shown in the company’s disclosed holdings updates. At roughly $74,200, Bitcoin was trading about $1,250 below that average, putting Strategy’s holdings worth roughly $63.0 billion, about $1.1 billion below total cost. That level carries no contractual consequences, but market participants track it closely as a sentiment reference for corporate Bitcoin treasuries. MSTR will face pressure in the US open.
COIN: During last week’s selloff, Coinbase shares fell roughly 10% to 11% alongside the broader crypto rout. With liquidations now topping $1 billion and ETF outflows running hot, trading volumes should benefit Coinbase’s revenue line, even as lower asset prices weigh on its balance sheet and sentiment.
ETH: Ethereum recorded around $455 million in liquidations, the largest single-asset share of the total wipeout. Ethereum prices fell near $2,100 during the selloff. ETH underperformed BTC during the cascade and deserves watching for a secondary leg lower if Bitcoin cannot hold the $74,000 zone.
Key Levels and Risks
Bitcoin also fell below the short-term investor cost-basis level that Glassnode has recently estimated near $75,700. On the weekly chart, Bitcoin is testing its critical bull market support band, and technical analysts warn that a failure to hold the $73,700–$74,000 zone could solidify a multi-month downtrend.
Polymarket is pricing roughly a low-40% chance that Bitcoin dips to $70,000 before November ends. That is not a forecast, but it reflects how the market is currently pricing the downside. The $73,477 Sunday low is the first meaningful reference below current prices. Above, Bitcoin faces resistance near $75,600, where technical indicators continue to show weak momentum after a recent sequence of lower highs and lower lows.
The core risk here is not simply that Bitcoin fell. It is that it fell while risk appetite recovered elsewhere. That divergence, if it persists through the US session, removes one of the most reliable arguments for near-term recovery: that BTC simply oversold alongside equities and would snap back with them. Traders in IBIT, MSTR, COIN, and ETH should treat the $73,700 floor as the line that matters most before Tuesday’s US CPI release, which could move both rates expectations and crypto positioning in either direction.
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