Bitcoin faces Nov. 22 recovery test after $2.22B ETF exodus

Bitcoin has fallen as much as 16.8% from its September high, as Bitfinex analysts have warned that weak spot buying and stubborn leverage could turn its correction into a deeper decline. $2.22 billion has left US spot Bitcoin ETFs across eight sessions since Oct. 30. Futures positions grew while Bitcoin fell, leaving leveraged traders exposed to another round of liquidations. Nov. 22 is Bitfinex’s two-week checkpoint for Bitcoin to recover its short-term holder cost basis. In its Nov. 11 midweek update, Bitfinex Alpha put the main recovery hurdle at $75,717, the average purchase price of coins held for fewer than 155 days. Bitcoin had spent four days consistently below that level after falling to $72,706 following the US inflation report.

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