Morning market report

Morning Market Report. November 9, 2026.

The crypto market is opening Monday under broad selling pressure, with the total market cap down 2.6% over the past 24 hours to $2.5 trillion.

Bitcoin sits at $74,814, down 1.4% on the day. Despite the dip, 74% of leveraged traders are positioned for a rise, yet the fee that those bullish bettors pay to hold their positions has stayed elevated at 11% annualized, meaning optimism in the crowd has not been shaken off yet. In the last hour, over $985,000 worth of bullish leveraged positions were forcibly closed, dwarfing the $36,000 closed on the bearish side.

Ethereum is the hardest hit of the majors, down 4.4% to $2,139. Nearly 80% of leveraged traders are still betting on a recovery, yet the fee dynamic has flipped: bearish bettors are now the ones paying to hold their positions, suggesting some institutional money is quietly leaning the other way. Over $329,000 in bullish positions were liquidated in the past hour alone. XRP mirrors that picture at $1.11, also down 4.4%, with a similar fee structure tilting bearish. Solana fell 2.2% to $87.34, with over $100,000 in long liquidations last hour against barely $1,800 on the short side.

Flows are a clear warning sign. Bitcoin spot ETFs recorded $412 million in outflows yesterday, bringing the two-day total to nearly $1.9 billion leaving those products. The market fear and greed index reads 29, squarely in "Fear" territory. Across all leveraged markets in 24 hours, over $911 million in bullish positions were forcibly closed against roughly $100 million on the bearish side, a heavily one-sided flush. The VIX, a measure of expected turbulence in traditional stock markets, sits at 25.6, indicating elevated broader macro unease that tends to spill into crypto.

What to watch today: Bitcoin's dominance has climbed to 60.2%, meaning capital is narrowing rather than spreading across the market, a pattern typical of defensive positioning. The regime data describes this as a strong downtrend with high volatility and narrow participation, so sudden swings in either direction remain plausible. We are also measuring an internal heat score for BTC and ETH (0.30 and 0.32 respectively), but this is a metric we track for research purposes only and carries no confirmed predictive value at this stage. The key observation for the day is whether ETF outflows continue a third session and whether the crowd of bullish leveraged traders begins to reduce their exposure or holds firm into further price weakness.