Morning market report

Charlie Morning Market Report. November 11, 2026.

The broader crypto market opened Wednesday under clear pressure, with total market cap down 1.45% over the past 24 hours to $2.47 trillion, and the overall trend firmly pointing downward.

Bitcoin is trading at $73,847, down about 1% on the day. Despite the price dip, 74% of leveraged traders are positioned for a move higher, and new bullish leveraged bets keep being added. The fee that traders betting on a rise must pay to those betting on a fall stands at an annualized 11%, which is elevated and signals that the bullish crowd is paying a premium to hold those positions. In the past hour, roughly $286,000 worth of short bets were forcibly closed, compared to only $5,200 on the long side, suggesting short sellers got squeezed even as price drifted lower.

Ethereum sits at $2,067, off 2.3% in 24 hours. The crowd is even more skewed bullish at 77%, yet the fee that longs pay shorts has flipped slightly negative, meaning short bettors are actually being paid a small amount to hold their positions right now. That is a mild divergence worth noting. Over $387,000 in short positions were forcibly closed in the past hour, more than 13 times the long liquidations.

XRP fell 3.2% to $1.06. Crowd sentiment is 75% long, but leveraged positioning is relatively quiet with no major pile-up in either direction. Forced closures on both sides were small and roughly balanced in the past hour.

Solana dropped 2.8% to $83.43, with 78% of the leveraged crowd positioned long and new bullish bets still accumulating. However, in the past hour, roughly $90,000 in long positions were forcibly closed versus $49,000 on the short side, meaning longs took more of the recent pain.

On flows and sentiment: Bitcoin spot ETFs have recorded outflows for four consecutive days, with approximately $16.8 million leaving yesterday and over $1.5 billion exiting over the past seven days. That is a meaningful signal of institutional caution. The Fear and Greed index sits at 29, firmly in Fear territory. The VIX, a measure of expected volatility in traditional stock markets, is at 19.5, elevated but not in panic range.

Liquidations overall were notably one-sided in the past 24 hours: over $555 million in long bets were forcibly closed across the market, versus $144 million in short bets. Bitcoin longs accounted for $175 million of that, and Ethereum longs for $192 million, underscoring that the recent price drop caught many bullish leveraged traders off-guard.

We also measure an internal heat score for BTC (0.46 out of 1) and ETH (0.28), but these are observational gauges only without a confirmed predictive edge, so we note them without drawing conclusions.

What to watch today: The key tension is that the crowd remains heavily bullish on leverage across all four major coins, while price continues to slide and ETF money keeps leaving. If price drops sharply, the buildup of bullish leveraged bets could accelerate forced closures, adding further downward momentum. Conversely, the recent wave of short liquidations in BTC and ETH shows that short-side bets are also getting caught out on bounces. Bitcoin dominance at nearly 60% suggests capital is concentrating in BTC relative to altcoins, which is a pattern worth monitoring as the week develops.