Originally published by The Block on November 9, 2026, at 13:03:19 UTC.
Bitcoin closed below its 50-week moving average on Sunday for the first time since September, ending seven consecutive weeks above the level. It then briefly traded below $74,000 on Monday morning, as crypto long liquidations exceeded $1 billion over 24 hours.
Liquidations and ETF outflows
According to CoinGlass data cited by The Block, total liquidations exceeded $1.15 billion, including $1.04 billion in long positions and $117 million in shorts. Ether accounted for more than $500 million in liquidations, compared with roughly $309 million for bitcoin.
CoinGlass recorded 167,764 traders liquidated during the period. The largest individual liquidation was a $48.2 million ETH-USDT long on Binance. Those figures may understate the total: the report noted that exchanges including Binance and OKX continued to provide incomplete liquidation data in intermittent bursts.
Separately, U.S. spot bitcoin ETFs recorded $1.28 billion in net outflows over the preceding week—the largest weekly withdrawal since late June. The 12 funds posted outflows on four of the five trading days, taking their combined 2026 flows to a net outflow of $914.1 million. BlackRock’s IBIT recorded $403 million in outflows on Friday alone.
Galaxy points to earlier recoveries—with caveats
Alex Thorn, Galaxy’s head of firmwide research, said bitcoin’s weekly close was about 0.7% below its 50-week moving average of $75,488. Bitcoin had reclaimed that level on September 20 before holding above it for seven consecutive weeks.
Thorn compared the move with the 2011–2012 and 2019–2020 bear-market recoveries, when bitcoin also slipped below the average after initially reclaiming it:
- In 2011–2012, bitcoin spent another 20 weeks below the average and traded as much as 35% beneath it.
- In 2019–2020, it fell back below the average five times, including an eight-week stretch during the Covid crash.
In both periods, the earlier bear-market low held on a weekly closing basis, Thorn said. He cautioned, however, that his sample included only five reclaims and that a market bottom can be identified only in hindsight.
Bitcoin’s previous low for the current cycle was $59,517 on June 28. Galaxy had argued in October that the bear market was over, citing diminished selling pressure and a stronger debasement case. That remained the firm’s assessment, not an established outcome. On Monday, Thorn said his October bullish technical case would remain valid if bitcoin regained the 50-week average within a month.