Historical market snapshot: November 9, 2026. Original publication: 13:03:19 UTC.
Bitcoin closed the week roughly 0.7% below its 50-week moving average of $75,488, according to Galaxy head of firmwide research Alex Thorn. The Sunday close marked its first loss of that level in eight weeks, after seven consecutive weekly closes above it.
Bitcoin then briefly traded below $74,000 on Monday morning. The accompanying liquidation and fund-flow figures showed pressure on leveraged long positions and withdrawals from U.S. spot bitcoin ETFs, though those measures describe different parts of the market.
Liquidations: leveraged longs bore most of the losses
CoinGlass data cited by The Block showed more than $1.15 billion in crypto liquidations over 24 hours:
- $1.04 billion in long positions and $117 million in shorts.
- More than $500 million in ether liquidations, compared with around $309 million for bitcoin.
- 167,764 traders liquidated across the period.
- A $48.2 million ETH-USDT long on Binance, the largest individual liquidation order recorded.
These figures are not a complete tally. The report noted that Binance and OKX still underreported liquidations in incomplete bursts, meaning actual totals were likely higher.
ETF flows: weekly withdrawals pushed 2026 totals negative
U.S. spot bitcoin ETFs recorded $1.28 billion in net outflows in the preceding week—the largest weekly withdrawal since late June, according to The Block’s Saturday reporting.
The 12 funds registered net outflows on four of the five trading days. Their combined 2026 balance turned negative, reaching $914.1 million in net outflows. BlackRock’s IBIT alone recorded $403 million in outflows on Friday.
These fund-flow figures document withdrawals from the ETF products; they do not, by themselves, establish the cause of bitcoin’s price decline.
The moving-average break: historical comparisons have limits
Thorn said bitcoin had reclaimed its 50-week moving average on September 20 before holding above it for seven consecutive weeks.
He compared the subsequent break with setbacks during the 2011–2012 and 2019–2020 bear-market recoveries. In the first episode, bitcoin spent another 20 weeks below the average and traded as much as 35% beneath it. In 2019–2020, it fell back below the line five times, including an eight-week stretch during the Covid crash.
In both historical cases, the earlier bear-market low held on a weekly closing basis, Thorn said. But he also cautioned that his sample covered only five reclaims, and that a market bottom can be identified only in hindsight.
The report put bitcoin’s previous low for the current cycle at $59,517 on June 28. Galaxy had argued in October that the bear market was over. On November 9, Thorn said his bullish technical case from October would remain valid if bitcoin regained the 50-week average within a month.
That was a conditional assessment—not confirmation of a bottom. The snapshot combined a weekly trend break, long-heavy liquidations and ETF outflows; the historical comparisons did not establish what would happen next.