NEW YORK, Nov. 9, 2026 — Bitcoin extended its slide on Monday, holding below the $75,000 mark as traders weighed record ETF outflows against a US political landscape that pro-crypto lawmakers say still favors digital assets.
The largest cryptocurrency changed hands near $74,200, down roughly 2% over 24 hours and more than 4% over the past week, according to CoinGecko data cited by market reports. BTC briefly touched $73,708 over the weekend, its lowest print since early September, Reuters reported. Ether fell about 5% to $2,223, while Solana traded near $86, down 2.7% on the day.
Total crypto market capitalization stood at roughly $2.64 trillion on Friday, down 19% from a year ago. Bitcoin’s dominance rate hovered near 57%, suggesting capital is concentrating in the largest asset during the drawdown.
ETF outflows take center stage
US spot bitcoin ETFs saw an estimated $1.3 billion in net outflows on Nov. 7, according to market reports, reversing what had been three straight sessions of inflows earlier in the week. The outflow followed a $643 million single-day exit on Nov. 3, the first session after news broke of a major hack at Binance.
Binance, the world’s largest exchange, confirmed on Sunday that it had completed a proof-of-reserves check for ten tokens following the Oct. 29 intrusion, which industry estimates put at $6.3 billion to $6.43 billion — the biggest theft in crypto history. Withdrawals from the exchange resumed in phases from Nov. 1.
Regulation looms large
Markets have struggled to find direction since last week’s US midterm elections. Although 245 candidates endorsed by crypto-aligned political groups won office — 226 in the House and 19 in the Senate — traders and institutional desks have grown cautious amid uncertainty over the timing of legislation such as the Clarity Act.
White House officials are reviewing an SEC proposal to amend rules governing crypto brokers, the KuCoin daily market report said, a sign that regulatory work continues even as Congress is reconstituted. Trading desks and analysts cited in market coverage have attributed the muted post-election response to uncertainty over the pace of legislation such as the Clarity Act.
Leverage amplified the drop
Roughly $1.09 billion in leveraged positions were liquidated over 24 hours during the Nov. 5–6 selloff, the bulk of them long bets. The Fear and Greed Index dropped to 28 on Nov. 6, deep in fear territory, down from a neutral 50 the previous week.
The move erased gains from Nov. 4, when bitcoin briefly reclaimed $80,000 and ether topped $2,400 after Democrats secured control of both chambers in a result many traders read as constructive for crypto policy. Strategic buyers stepped in during the bounce: Strategy, the largest corporate bitcoin holder, added 811 BTC for about $65.5 million at an average of $80,846, bringing its hoard to 849,327 BTC.
Key levels to watch
- $74,000 – near-term pivot. A clean break invites a test of $73,700.
- $73,700–$73,779 – November low and the 20-week simple moving average, widely watched as bull-market support.
- $76,000–$78,000 – resistance band. Reclaiming it would mark the first real sign of stabilization.
- $80,000 – the level lost last week; until reclaimed, relief rallies look vulnerable.
A close below $73,700 would open the door to a deeper retracement, analysts said. Above $78,000, shorts would face a squeeze risk.
The bottom line
Nothing in the October–November tape points to a failure of the underlying thesis for bitcoin. What cracked is leverage, sentiment and, above all, patience. Institutional buyers have stepped aside for now, and the next leg — either direction — likely arrives with macro data, ETF flow reports and any concrete movement on US crypto legislation. Volatility is not a bug in this tape; it is the story.
Disclosure: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies are volatile assets. Do your own research and consult a licensed financial adviser before making investment decisions.
