Daily Cryptocurrency Market Report – November 12
Author kim
Key Takeaways
① Price trend: The market stabilized slightly after the CPI shock. BTC at 74,060.67 (+0.56%) held near $74,000; ETH at 2,061.67 (+0.39%), BNB, SOL, and XRP posted modest gains, while DOGE fell 0.90%. Privacy coin ZEC dropped nearly 5% in 24 hours, breaking below $1,000. After the close, MSCI announced that it would remove Strategy (MSTR) and Metaplanet from its indexes.
② Fund flows: BTC spot ETFs recorded net outflows of $95 million on 11/10, marking the fourth consecutive day of outflows (the previous day: -$201 million), with cumulative net outflows of $1.064 billion over the past five trading days. ETH spot ETFs recorded net outflows of $1.32 million on 11/10. No verified ETF data was available for 11/11.
③ Today: The U.K.’s preliminary third-quarter GDP, U.S. initial jobless claims, and the 30-year Treasury auction, along with a busy schedule of remarks from several Federal Reserve officials. Tomorrow: U.S. October PPI and the revised eurozone third-quarter GDP figure. The Fear & Greed Index fell from 29 to 28 (Fear).
Market Overview
Fear & Greed Index: 28 (Fear)
· BTC spot ETFs: net outflows of -$95 million on 11/10
· ETH spot ETFs: net outflows of -$1.32 million on 11/10
The main theme over the past 24 hours remained “rate-hike pricing after the CPI.” U.S. October CPI rose 0.4% month over month (vs. 0.3% expected), while core CPI rose 0.3% month over month (vs. 0.2% expected), according to CoinDesk citing CME FedWatch. The market priced in roughly a 90% chance of a rate hike at the December 8–9 meeting. U.S. stocks rebounded on 11/11, with the S&P 500 up 1.31% and the Nasdaq up 1.60% (CappNotes), while BTC’s gains were limited.
In terms of price action and liquidations, BTC briefly fell to around $72,700 after the CPI release before returning to the $74,000 area. Citing CoinGlass data, crypto.news reported that approximately $723 million in positions across the crypto market were liquidated in the 24 hours following the CPI shock, including about $570 million in long positions;PANews reported that 24-hour liquidations had fallen to approximately $494 million as of 15:30 UTC on 11/11, with longs still accounting for about $364 million. ZEC was among the major coins with the largest declines, andCryptoPotato said that approximately $40.6 million in ZEC futures positions had been liquidated.
The macro backdrop remains tight: According to crypto.news, the yield on 10-year U.S. Treasuries rose above 5%; Federal Reserve Governor Waller said that if core inflation remains around or above 0.3%, a 50-basis-point rate hike should be considered in December (Nexo compiled). Japan’s October PPI rose 7.1% year over year this morning, above the 6.5% expectation (investingLive), fueling bets on a Bank of Japan rate hike.
In terms of fund flows and sentiment, BTC spot ETFs have seen outflows for four consecutive days, with cumulative net outflows of approximately $1.578 billion so far in November;The Block reported that total stablecoin supply fell by $14.2 billion over 30 days, the largest contraction since the 2022 bear market, indicating that market “ammunition” continues to drain. The Fear & Greed Index edged down from 29 to 28, remaining in the Fear zone.
Two points to watch next: First, tonight’s U.S. initial jobless claims and 30-year Treasury auction, as well as tomorrow’s October PPI (expected monthly increase: 0.4%). If inflation data remains hot, discussion of a 50-basis-point rate hike in December could intensify. Second, whether ETFs can halt the streak of outflows. K33 noted that BTC open interest continued to rise as prices fell; once the direction is confirmed, concentrated liquidations could occur on either side.
Top 10 Tokens by Market Capitalization
| Rank | Token | Price (USD) | 24h Change | Market Cap |
|---|---|---|---|---|
| 1 | BTC | 74060.67 | $1,479.1 billion | |
| 2 | ETH | 2061.67 | $252.3 billion | |
| 3 | USDT | 0.9992 | $183.1 billion | |
| 4 | BNB | 682.06 | $94.9 billion | |
| 5 | USDC | 1 | 0.00% | $74.1 billion |
| 6 | XRP | 1.06 | $63.3 billion | |
| 7 | SOL | 83.67 | $45.4 billion | |
| 8 | TRX | 0.3173 | -0.36% | $30.0 billion |
| 9 | HYPE | 72.15 | -0.11% | $24.1 billion |
| 10 | ZEC | 991.94 | -4.87% | $16.1 billion |
Ranking and data source:CoinLore(CoinMarketCap’s page had no data timestamp, and CoinPaprika’s ranking API data was outdated, so CoinLore was used instead; the ranking order is consistent with CoinMarketCap, with stETH, WBTC, WBETH, WETH, and other staking/wrapped tokens excluded.) Data as of 2026-11-12 00:46 UTC. Market capitalization is calculated differently across platforms, so figures may vary; rankings may have changed amid sharp volatility.
Analyst view
- BTC “Could Be Squeezed at Any Time”: K33 Head of Research Vetle Lunde pointed out that BTC open interest stands at approximately 353,000 BTC, up 12% over the past 30 days, while the price fell by about 10% over the same period. A break below key levels could trigger long liquidations, while a rebound could force short sellers to cover; he also noted that BTC’s 30-day correlation with the Nasdaq reached 0.75 (The Block). The risk is that the direction of accumulated leverage remains uncertain: the squeeze could be either upward or downward.
- Options Market Turns Defensive: Derive founder and CEO Nick Forster said that put options’ share of total trading premium rose from 36% to 55%, while the implied probability that traders are betting on BTC falling below $70,000 before Christmas increased from 15% to 31% within a week (The Block). The risk is that options pricing reflects hedging demand rather than a price forecast.
- ETF Flows Are the Missing Piece: Nexo U.S. head Neil Steinhardt believes that a return of ETF inflows is the key missing ingredient for a BTC rebound. Futures open interest rose to its highest level since August 19, at approximately 493,000 BTC, indicating that traders remain in the market but have not chosen a direction (Nexo). The risk is that if the macro environment remains hawkish, ETF outflows could persist for longer.
The views above are from third parties and do not represent Hotcoin’s position.
News Brief
- MSCI announced that it will remove Strategy (MSTR) from the MSCI USA Index and Metaplanet from the Japan Small Cap Index, effective after the November 30 close. MSTR fell 2.6% after hours to $119.06 (source:The Block). Forced selling by passive funds could weigh on the share prices of Bitcoin treasury companies and indirectly affect market confidence.
- U.S. spot BTC ETFs recorded net outflows of approximately $95 million on November 10, marking a fourth consecutive day of outflows. BlackRock’s IBIT saw $78.2 million in outflows and has now experienced outflows for eight consecutive days; spot ETH ETFs also saw modest outflows on the same day (sources:Cointelegraph,TokenPost). Institutional funds have yet to return, leaving BTC without sufficient spot-market buying support.
- Total stablecoin supply fell by $14.2 billion over the past 30 days to just under $280 billion, the largest contraction since 2022 (sources:The Block,Decrypt). Liquidity in the market is shrinking, weakening the funding base for a rebound.
- Zcash (ZEC) fell below $1,000 for the first time since September, down approximately 40% from its September high; its market-cap ranking was temporarily surpassed by HYPE (source:CryptoPotato). Privacy coins that posted significant gains earlier are facing profit-taking and deleveraging.
- The U.S. SEC filed an amicus brief supporting the CFTC’s approval of single-stock perpetual contracts, opposing a lawsuit brought by the Capital Markets Alliance, which includes Cboe and Citadel Securities, among others (source:The Block). If the CFTC prevails, platforms such as Coinbase and Kraken would have clearer room to offer perpetual-contract products in the United States.
Today’s Focus
| Time (UTC) | Event | Expected | Previous |
|---|---|---|---|
| 2026-11-12T07:00:00.000Z | UK Q3 GDP preliminary (quarter-over-quarter) | 0.70% | 0.50% |
| 2026-11-12T13:30:00.000Z | US initial jobless claims | 195,000 | 189,000 |
| 2026-11-12T15:00:00.000Z | US October existing home sales (annualized) | 3.85 million–3.98 million (estimates vary by institution) | 3.99 million |
| 2026-11-12T18:00:00.000Z | US 30-year Treasury bond auction ($25 billion) | — | 5.62% |
| 2026-11-13T10:00:00.000Z | Eurozone Q3 GDP revised (quarter-over-quarter) | 0.40% | 0.60% |
| 2026-11-13T13:30:00.000Z | US October PPI (month-over-month) | 0.40% | 1.30% |
| 2026-11-13T13:30:00.000Z | US October core PPI (month-over-month) | 0.30% | 0.70% |
The above covers events on 11/12 (Thursday) and 11/13 (Friday); on 11/12, Fed officials Hammack, Barr, Goolsbee, Daly, and Williams are also scheduled to speak, while Bowman and Daly are scheduled to speak on 11/13; China’s October credit data may be released this week, with the timing yet to be determined. Data sources:Trading Economics,StockTitan. Released yesterday: Japan’s October PPI rose 7.1% year-over-year (forecast 6.5%) and 0.7% month-over-month (forecast 0.3%); Germany’s final October CPI rose 2.8% year-over-year (in line with the preliminary reading); November 11 was Veterans Day in the US, with only MBA mortgage applications (+6.2%) released and no other major data.
Frequently Asked Questions
What is the BTC price today? BTC is trading at $74,060.67 (24-hour +0.56%) (data as of 2026-11-12 00:46 UTC, source: CoinLore).
Why is Bitcoin hovering around $74,000? U.S. October CPI came in above expectations, pushing the pricing of a December rate hike to around 90%. Along with BTC spot ETFs experiencing outflows for four consecutive days and a contraction in stablecoin supply, this indicates insufficient buying pressure; the rebound in U.S. equities provided some support.
How is market sentiment currently? The Fear & Greed Index stood at 28/100 (Fear), down slightly from 29 (Fear) the previous day.
How are BTC spot ETF fund flows? On 11/10, net outflows totaled $95 million, marking the fourth consecutive day of outflows, narrowing from the $201 million outflow the previous day; cumulative net outflows over the past five trading days reached $1.064 billion. Data for 11/11 has not yet been found from a verified source.
Risk warning: This article is for informational purposes only and does not constitute investment advice; digital asset prices are highly volatile, so please carefully assess your own risk tolerance.
Related reading:
- Crypto Daily｜U.S. CPI Above Expectations Boosts Rate-Hike Bets, BTC Dips to $73,500, ETF Outflows Continue for Three Consecutive Days (11/11)
- Crypto Daily｜Nvidia Turmoil Triggers Over $1 Billion in Liquidations, BTC Hits an 11-Week Low Before Returning to Around $75,000, U.S. CPI to Be Released Tonight (11/10)
