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The Bitcoin network automatically recalculated mining difficulty and lowered it by 9.13% at once. This is how the network responds to part of its computing power leaving: at the current price, mining has stopped being profitable.
BlackRock's IBIT fund, the largest Bitcoin exchange-traded fund in the US, has been losing money for 11 trading sessions without a single day of inflows - since October 30. Over that period about $2.35 billion was withdrawn from it, and this is the longest outflow streak in its history.
After the US midterm elections, risk assets were bought back at once: BTC added more than 4% and recovered from its plunge below $76,000, WTI oil fell below $93, and S&P 500 futures returned to the month's highs.
The funding rate for Bitcoin perpetual futures on Binance rose to 0.01 — the highest in more than two months. Over the past 24 hours, positions worth over $430M were forcibly closed on the market, mostly longs.
According to calculations by the analytics platform CryptoQuant, as of November 1, the average purchase price of coins that last moved on the blockchain 1-3 months ago was $77,140. The BTC price at that moment was $77,880 - less than 1% above the breakeven point of recent buyers.
On October 29, the Coinbase Premium Index dropped to -0.27% — the lowest since November 2022, when the FTX exchange collapsed. Put simply, US investors are selling BTC more actively than they are buying it.
On October 28, US spot Bitcoin ETFs (exchange-traded funds through which Bitcoin is bought like a regular stock) raised $137.3M, while Ethereum and Solana funds lost money again. Across the three markets combined, the result was +$110.2M.
Strategy bought 334 BTC for $28.7 million in a week, but allocated $176.3 million to buy back STRC preferred shares. The company now holds 848,000 BTC worth approximately $73 billion.
