TL;DR
- Bitcoin’s rebound stalled near $75,000, and the latest CoinMarketCap snapshot showed BTC at $72,981.89 as short-term momentum remained fragile after Wednesday’s recovery failed to attract sustained follow-through buying.
- U.S. spot Bitcoin ETFs posted $299.9 million in Wednesday outflows, extending a five-day streak to roughly $1.44 billion since November 5.
- PEPE fell 12% in one market snapshot, while derivatives activity cooled and sentiment indicators remained defensive across the broader crypto market.
Bitcoin’s latest rebound failed to hold near $75,000, leaving the market back under pressure as PEPE posted a double-digit decline. In the latest CoinMarketCap snapshot, Bitcoin traded at $72,981.89, below the level reached during Wednesday’s recovery at the time of the check. The rejection keeps short-term momentum fragile, with Bitcoin again testing the lower end of its recent range while traders reassess whether the rebound can develop into a more durable recovery.
The move followed a volatile week in which Bitcoin first fell after the U.S. midterm elections, then rebounded sharply to $81,000 before reversing again. The asset later printed a multi-month low near $72,800, recovered toward $74,800 on Wednesday, and was rejected around the $75,000 area after another unstable trading stretch. That sequence has reinforced weak Bitcoin market momentum, with repeated recovery attempts failing to establish sustained upside follow-through.
ETF Outflows and Derivatives Weakness Deepen Market Pressure
Institutional flows added another layer of pressure. U.S. spot Bitcoin ETFs lost $299.9 million on Wednesday, marking a fifth consecutive day of net outflows and bringing withdrawals since November 5 to about $1.44 billion. BlackRock’s IBIT accounted for $269.7 million of the latest daily total and extended its own redemption streak to nine sessions. Recent Bitcoin ETF outflows remain a key risk signal, even though the flow data alone do not establish direct price causation.
Derivatives positioning also cooled as the market weakened. Across crypto futures, 24-hour trading volume fell 20.64% to $168.6 billion, while open interest declined 2.92% to $125.8 billion. Liquidations dropped 63.67% to $263.7 million, with long positions representing 64.5% of the total. Bitcoin futures volume fell 27.6% and open interest dropped 2.9%. BTC also logged $62.9 million in liquidations while funding remained moderately positive. The contraction suggests traders were reducing exposure rather than aggressively rebuilding leverage during the rebound.
PEPE absorbed the sharper altcoin damage. One market snapshot showed the meme coin falling 12%, making it the weakest performer among the highlighted names, while the latest CoinMarketCap reading placed PEPE at $0.000004432. The selloff shows how quickly risk can intensify outside Bitcoin when market sentiment deteriorates. Most major altcoins were also in the red, although losses varied and a few assets traded higher. With the altcoin season index at 39 and the fear and greed index at 26, the broader crypto market selloff remained firmly defensive.
