Bitcoin Liquidations Top $1 Billion; Spot ETFs Lose $1.28 Billion

By Tom Whitfield

More than $1 billion in leveraged crypto positions were forcibly closed over 24 hours as Bitcoin fell below $74,000 late Sunday, Nov. 8. Bitcoin later recovered above $75,000. The leveraged closures and Bitcoin’s recovery came before the scheduled release of October U.S. Consumer Price Index data.

Across the preceding five U.S. trading sessions, spot Bitcoin ETFs absorbed $1.28 billion in net outflows. The flow period ran from Nov. 2 through Nov. 6 and captured a separate mechanism from the 24-hour leveraged-position total.

What does the liquidation figure measure?

Liquidations are forced closures of leveraged positions. More than $1 billion in those positions closed around the time BTC crossed below $74,000 on Nov. 8. The recovery above $75,000 did not erase the reported total because liquidations record completed closures rather than the cryptocurrency’s subsequent direction.

The two datasets answer separate questions. Liquidations show how much leveraged exposure was forcibly closed. ETF net flows track money entering or leaving funds, so combining the two totals would mix position closures with investor fund flows.

The sequence also limits what can be inferred. The ETF total covers flows through Nov. 6, while the liquidation figure covers a 24-hour window around Nov. 8. The Oct. 10 CPI release falls after both, and no single figure measures their combined effect.

How did spot Bitcoin ETF flows break down?

U.S. spot Bitcoin ETFs saw $1.28 billion in net outflows across five trading sessions ending Nov. 6. Nov. 2, Nov. 3, Nov. 5 and Nov. 6 each recorded net outflows. Nov. 4 was the only session with a net inflow, at $74.6 million.

Four sessions therefore registered net outflows, with Nov. 4 the lone positive session. The five-session aggregate captures the net effect across the period. The $74.6 million inflow marked an interruption, not a reversal, of the broader outflow pattern.

BlackRock’s iShares Bitcoin Trust recorded about $1.21 billion in net withdrawals over the period. That represented most of the $1.28 billion market-wide net outflow, based on the reported figures. The two issuer figures point in opposite directions and cover different intervals.

Fidelity’s fund posted a $42.8 million inflow on Nov. 6. Nov. 6 also produced a net outflow across the broader U.S. spot Bitcoin ETF market, showing that the issuer-level move ran against the aggregate direction. The $74.6 million market-wide inflow on Nov. 4 came two sessions earlier, before net outflows returned on Nov. 5 and Nov. 6.

When does October CPI arrive?

October CPI is due at 8:30 a.m. ET on Tuesday, Nov. 10, equivalent to 13:30 UTC. The scheduled publication came after the Sunday Nov. 8 Bitcoin move and the associated 24-hour liquidation window, while the ETF flow period had already ended on Nov. 6.

Before that release, Bitcoin had recovered from below $74,000 to above $75,000. The rebound did not change the recorded $1 billion-plus liquidation total, and the preceding ETF data still showed net outflows. The market therefore entered the CPI deadline with both forced deleveraging and sustained fund withdrawals in the recent record.

The next fixed checkpoint is the 8:30 a.m. ET release of October CPI on Nov. 10. Subsequent ETF-flow and liquidation data will provide the next operational read on whether the Nov. 8 closures persist.