Bitcoin Falls Below $74,000 After Hot US CPI as Liquidations Top $600 Million

Bitcoin slid below $74,000 on Tuesday, 10 November, after US consumer prices for October rose faster than expected. The largest cryptocurrency touched an intraday low of about $72,787 and traded near $73,000 later in the day, leaving it down roughly 4.5% over the week. Ether fell to around $2,020–$2,040, and both ether and XRP lost about 3.5% on the day.

Leveraged traders took heavy losses. Coinglass data showed more than $632 million of crypto positions liquidated, about $511 million of them long bets that prices would rise.

What happened

Headline CPI rose 0.4% in October and core CPI rose 0.3%, each 0.1 percentage point above consensus. Rate futures moved quickly to price a 25 basis point Fed hike at the 9 December meeting. Fed Governor Christopher Waller said a hot reading could even justify 50 basis points.

Crypto was already under pressure before the data. US spot bitcoin ETFs saw about $1.28 billion of net outflows in the first week of November and another roughly $201 million on 9 November. With ETF demand fading, there was less buying to absorb the selling when the macro news turned negative.

Why it matters for traders

• Crypto is trading as a rates asset. Bitcoin has repeatedly reacted to US inflation and Fed expectations in the same direction as high-growth tech stocks. Higher expected rates make borrowing to buy risk assets more costly.
• Leverage magnifies small moves. A move of a few percent became a large liquidation event because many traders held long positions with borrowed money. Forced selling can push prices lower than the news alone would justify.
• Watch the long/short balance. When most liquidations are longs, it shows crowded optimism was cleared out. That can reduce selling pressure later, but it is not a reliable signal of a bottom.
• ETF flows are now a key input. Daily flow data is one of the clearest views of institutional demand.

What to watch

• Daily US spot bitcoin and ether ETF flows for signs the outflow streak is ending.
• Further US data this week, including producer prices, that could strengthen or weaken the case for a December hike.
• Funding rates on perpetual futures, which show whether traders are rebuilding leverage.
• The $72,000–$74,000 area for bitcoin, which traders are treating as near-term support after this week's lows.

Educational content, not investment advice. Practise trading bitcoin volatility risk-free in the Trading Titans paper trading app.