Bitcoin closed below its 50-week moving average on Sunday, Nov. 8, 2026, ending seven consecutive weeks above the level, according to The Block’s Nov. 9 report. It then briefly fell below $74,000 on Monday morning as crypto-wide long liquidations exceeded $1 billion over 24 hours.
The move coincided with substantial withdrawals from U.S. spot bitcoin ETFs. Galaxy research head Alex Thorn nevertheless maintained a conditional technical case: his bullish October outlook would remain valid if bitcoin recovered the 50-week average within a month.
Liquidations exceeded $1.15 billion
CoinGlass recorded more than $1.15 billion in total crypto liquidations over the 24-hour period, including $1.04 billion in longs and $117 million in shorts. Bitcoin accounted for around $309 million, while ether liquidations exceeded $500 million.
Across the market, 167,764 traders were liquidated. The largest individual liquidation recorded by CoinGlass was a $48.2 million ETH-USDT long on Binance.
Those figures are not a complete accounting. The report noted that exchanges including Binance and OKX continued to underreport liquidations in incomplete bursts, meaning actual totals were likely higher.
Bitcoin ETF flows turned negative for 2026
U.S. spot bitcoin ETFs finished the preceding week with $1.28 billion in net outflows—the largest weekly withdrawal since late June, according to The Block’s Saturday report.
The 12 funds recorded net outflows on four of the week’s five trading days. That brought their combined 2026 flows to a net outflow of $914.1 million. BlackRock’s IBIT alone registered $403 million in outflows on Friday.
Galaxy’s recovery case remained conditional
Thorn, Galaxy’s head of firmwide research, said bitcoin’s weekly close was approximately 0.7% below its 50-week moving average of $75,488. Bitcoin had reclaimed that level on Sept. 20 before holding above it for seven consecutive weeks.
He compared the setback with the 2011–2012 and 2019–2020 bear-market recoveries, when bitcoin also fell below the average after initially regaining it:
- 2011–2012: Bitcoin spent another 20 weeks below the average and traded as much as 35% beneath it.
- 2019–2020: Bitcoin lost 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 covered only five reclaims and that a market bottom can be identified only in hindsight.
The report identified bitcoin’s prior low for the current cycle as $59,517 on June 28. Galaxy had argued in October that the bear market was over, citing its view that selling pressure had diminished and the debasement case had strengthened.
That remained Galaxy’s assessment, not a confirmed outcome. On Nov. 9, Thorn said his October bullish technical case would remain valid if bitcoin regained the 50-week moving average within a month.
Original source: The Block, published Nov. 9, 2026, at 21:03:19 UTC+08:00. This article reflects that historical reporting context.
