Bitcoin and Ether slip in November as spot ETF outflows stretch on

Outflows and rate expectations

Bitcoin traded 0.78% lower and Ether 0.45% lower at the time of writing on 12 November, according to Criptovaluta.it. The report attributes the weakness to outflows from spot exchange-traded funds and to expectations that the Federal Reserve will raise rates in December.

Spot Bitcoin ETFs recorded a fifth consecutive session of outflows. On Wednesday they lost $299.8 million, almost all of it from BlackRock's IBIT, the site reported. Ether ETFs have lost $330.7 million so far this week.

Since the start of November, Bitcoin is down 5.31% and Ether 9.36%, the report said.

Chart levels for Ether and Bitcoin

On the weekly chart, Ether shows almost only red bars since October. After a test of support at 2,310 USDT and a drop toward the main support at 2,160 USDT, the price broke below that main level this week. Two days before the report, ETH touched a low of 2,006 USDT, back to levels last seen in the August acceleration.

The report says the price could now move toward the 1,850 to 1,950 USDT area, where it stayed in congestion from early July to mid-August.

Bitcoin's daily chart shows a rally from mid-August to a high of 87,400 USDT in September, followed by a contraction. After breaking support at 81,000 USDT, where the 50-day simple moving average also sat, at the end of October, BTC has approached its main support area between 72,500 and 72,000 USDT. Unlike Ether, Bitcoin has not yet broken that level; a loss of the area could take the price back to 65,000 USDT, according to the report.

Mixed moves across the top 100

Zcash moved against the trend with a gain of 2.69%, while Monero fell 4.49% and extended its decline since Monday. Among the top 100 coins, Midnight led gains at 6.42%, followed by Aster at 3.1% and OKB at 3.06%. Pepe lost 11.2%, Quant 7.94% and Arbitrum 6.17%.

The report describes a mixed market over the previous 24 hours, with red bubbles outnumbering green on the Crypto Bubbles map, which sizes each bubble by market capitalization.