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🚨 Over $500 MILLION liquidated overnight as the crypto market keeps looking for a bottom!

$BTC ( ▼ 0.48% ) just fell below $73,000, its lowest level since mid-August, after hotter-than-expected U.S. inflation data shook the markets.

Now, investors are worried the Fed might raise interest rates again in December. Some even fear a bigger 0.50% hike instead of the 0.25% previously expected. 😬 Looks like crypto could be in for another bumpy ride!

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Overnight, BTC fell fast from the $75,000–$76,000 range down to around $72,800 right after the US released October inflation data. As of November 11, BTC is trading around $73,700, down 1.5% over the last 24 hours.

Selling pressure quickly spread across the entire crypto market, dragging down major altcoins:

1/ Massive Liquidations & Market Context

This sharp drop triggered a huge wave of liquidations for traders using leverage in derivative markets, driving even more volatility. First hour after CPI release: Over $178 million in Long positions were wiped out.

Total 24-hour liquidations reached $728.17 million across the whole market ($579.7 million in Long positions vs. $148.5 million in Short positions).

This price drop happened while Bitcoin was already under heavy pressure from a tech stock sell-off in the US, wiping out gains from the US Congressional elections.

Over the past 7 days, BTC is down ~4.5%, while US spot Bitcoin ETFs saw over $201 million in net outflows on November 9.

2/ The Core Driver: US October CPI Inflation Report

The main reason for this drop was the US Consumer Price Index (CPI) report published on November 10:

Headline CPI rose 0.4% month-over-month (lower than September's 0.6%, but higher than the expected 0.3%). Core CPI (excluding food & energy) rose 0.3% month-over-month (higher than expected 0.2%).

Where inflation came from:

3/ Fed Rate Hike Expectations Shift

While US inflation is cooling down, it is not dropping fast enough to satisfy the market. Before the report, Fed Governor Christopher Waller stated he supported a 25 bps (0.25%) interest rate hike in December, but left the door open for a 50 bps (0.50%) hike if Core CPI rose by 0.3%.

Because Core CPI hit that exact 0.3% threshold, market expectations shifted fast according to the CME FedWatch Tool:

4/ Critical Technical Levels & Expert Views → Crypto analysts are watching a few crucial price levels closely:

Lewis Huang (Analyst at Bitget):

Matt Mena (Senior Crypto Research Strategist at 21Shares):

Bitcoin's upcoming trend will depend heavily on spot Bitcoin ETF inflows & outflows, and also Federal Reserve monetary policy.

All eyes are on the final Fed meeting of 2026 on December 8–9, where the Fed will announce its interest rate decision and economic outlook.

The market looks very different heading into the final months of 2026.

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Even with $ETH ( ▼ 1.74% ) taking a 20% hit and bouncing around $2,060, retail stakers are holding firm. Data shows that people who locked up their ETH aren't rushing to unlock and sell.

Back in October, the waiting list to unlock and withdraw staked ETH peaked around 457,840 ETH. That unstaking queue crashed almost 99% down to just 5,061 ETH on November 9, before picking back up slightly to 66,000 ETH.

→ Even with the slight uptick, the unstaking queue is still down ~86% from its October high. Since unstaking is the required first step to selling locked coins, this massive drop shows that stakers aren't panicking or setting up immediate exit orders.

1/ Total Locked Supply Holds Strong at 36.4%

Right now, about 44.5 million ETH remains locked in staking pools and nodes. This represents 36.4% of all ETH in circulation.

CryptoQuant analysts point out that having over a third of all ETH locked away removes immediate selling pressure from open order books, helping build a stronger price floor for the medium to long term.

2/ But New Staking Demand Is Also Cooling Down

While existing stakers aren't leaving, fewer new investors are jumping in. The waiting list to start staking new ETH has plummeted from over 4 million ETH back in February 2023 down to roughly 910,000 ETH today.

→ Fresh capital moving into staking is slowing down significantly. Small retail stakers might be holding, but large whales on Lido (stETH) are making aggressive moves.

3/ Institutional Outflows & Key Price Levels to Watch

External institutional pressure continues to weigh heavily on ETH.

If ETH can hold the $2,000 psychological floor and reclaim $2,200, the overall market structure shifts back into a bullish recovery trend. However, if ETF outflows persist and loan liquidations hit, $2,000 could break open.

Wall Street’s panic index hit a 13-year peak! But Goldman Sachs is calling for a massive rally based on historical data. Read more

Bitmine acquired another 9,600 ETH. Their total holdings now accounts for nearly 5% of circulating supply. Read more

Remember when Trump called crypto dangerous? Well, Trump Media dropped news that they bought 4,359 Bitcoins anyway! Read more

Goldman Sachs and Citi pledged $270 million toward developing their own stablecoin, threatening Tether and Circle's dominance. Read more

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⚠ This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.