Bitcoin hovers near $74K as ETF outflows and whale deposits pick up

Bitcoin spent November 11 trading in a tight range, closing the UTC session at roughly $73,930 after oscillating between about $73,200 and $74,700. Price action was muted, but the backdrop was less benign: U.S. spot bitcoin ETFs have continued to bleed assets, with cumulative net outflows for November running around $1.6 billion so far—a clear sign that demand via traditional brokerage channels has cooled.

On‑chain data added another layer of caution. Large holders, or “whales,” sent a net 11,000ビットコイン超 to centralized exchanges over the latest 24‑hour window, a pattern often associated with increased selling pressure. At the same time, analytics firms still track steady accumulation by long‑term holders and addresses in the 100–10,000 BTC band, suggesting that strategic buyers are using dips to build positions. With U.S. inflation data distorted by last year’s government shutdown and markets rapidly repricing the odds of further Federal Reserve hikes, bitcoin is caught between ETF outflows and whale distribution on one side and structural accumulation on the other, leaving direction uncertain in the near term.