Bitcoin Holds $73K as Liquidity Drains: Crypto Market Update, November 12, 2026

By Jodez · Market Update · 2026-11-12

Stablecoin supply fell $14.2 billion in the 30 days through November 9, to just below $280 billion, according to Glassnode. That's the fuel crypto buys with, and it has been leaving the tank while Bitcoin tries to hold $73,000.

Add a hotter-than-expected inflation print and steady ETF redemptions, and you get a market that is quiet because nobody new is showing up to bid.

Bitcoin Running Low on Buyers

U.S. spot Bitcoin ETFs saw about $1.6 billion in net redemptions over 20 trading sessions, Decrypt reported. Most of that came recently. CryptoSlate's count put outflows at roughly $1.5 billion for November 2 through November 9 alone.

The leverage side has already cleaned itself up. As of November 10, futures open interest had climbed to its highest since September 22 after longs paid around 11% annualized funding for two weeks. Then at least $725.6 million got liquidated across Binance, Bybit and OKX, with longs taking 92% of it.

So the forced sellers are mostly gone. The problem is the replacement buyer. Decrypt notes large wallets have started accumulating, which is the one constructive thread here, and $73,000 is the level everyone is watching.

MARA Sells $1.1 Billion to Clear Its Debt

The biggest single supply event of the window came from a miner. As of November 11, MARA had sold 13,597 BTC for about $1.1 billion and used $750 million to repay all of its BTC-backed loans. Pledged or loaned BTC dropped from roughly 57% of holdings to below 5%.

That takes a lender-forced liquidation off the table, which is a real risk removed. MARA still plans sales to fund AI data centers, debt repayment and possible buybacks, so the overhang hasn't disappeared. It just moved from involuntary to scheduled.

October CPI Runs Hot

Tuesday's 8:30 a.m. ET release came in above forecast on both lines:

• Core CPI (MoM): 0.3% vs. 0.2% expected, flat with the prior 0.3%

• Headline CPI (MoM): 0.4% vs. 0.3% expected, down from 0.6%

• 10-Year Note Auction: 5.020%, down from 5.300% at the prior auction

After the print, market odds of a 50 bps December hike rose to 13.6%, with 25 bps still the dominant outcome at 86.4%, per CryptoSlate. Read that plainly: the market expects the Fed to tighten, and the debate is about how much.

The 10-year auction was the bright spot. A yield nearly 30 basis points lower than last time suggests real demand for duration, which eases some pressure on risk assets.

Majors Bleed, Scanners Split

Every major closed the three days in the red. Bitcoin held up best at -2.51% to $73,426. ETH fell 4.24% to $2,043, SOL dropped 4.38% to $82.88, BNB slipped 2.98% to $670.45, and XRP lost 4.42% to $1.05.

Solana's numbers deserve a second look. Circle minted 3.06 billion USDC on the chain over the week, but as of November 11 circulating supply rose only about 65 million and Solana's total stablecoin pool fell 4.27% to roughly $14.83 billion. That's inventory moving around. Fresh capital would show up in the pool.

Our scanners flagged these names most often:

• ADA (6 flags) and INJ (5): new longs building

• ARIA (6): long squeeze risk

• ERA (5): short squeeze risk

• XMR and H (5 each): new shorts building

• FARTCOIN and GRAM (4 each): new longs building

In a down tape, crowded new longs on smaller caps are worth watching for how they behave if Bitcoin loses $73,000.

Regulators Fight Over the Rulebook

Washington had a busy week on jurisdiction. A federal judge denied Novig's bid to block New York's gambling rules on November 10 and said the CFTC's Kalshi emergency order "smacks of a collusive effort," Bitcoin.com reported. She also called the CFTC's October swap rules "inherently contradictory," per Unchained. Novig has appealed.

Meanwhile the SEC has entered the dispute over who regulates perpetuals on U.S. stocks, The Block reported. The CFTC did approve the tZERO exchange ahead of a $350 million SPAC deal, according to The Defiant.

On the tokenization side, Avalanche was picked as the core ledger for the clearing firm behind a planned NYSE-affiliated tokenized stock venue, and Pyth added NYSE stock and ETF data to its marketplace. Schwab clients can now trade SOL, AVAX and LINK, though they can't withdraw them yet. Separately, a watchdog asked the DOJ and FBI to look into Bo Hines's ties to Tether, Bitcoin.com reported. That's a request, with no investigation announced as of November 10.

Shorts and INIT Paid the Community

The Nexus Algo closed an APE short at +2.02R, which fits a tape where most things went down.

Members had a big window. scalpcitymf caught an INIT long for +655.9% at 10x over 11 hours, and 1goldenboyy took a separate INIT swing for +182.4%. jgrails worked the short side, riding AKE down for +572.9% over 2 days 16 hours and shorting ZEC for +242.5%. ZEC had its own news, too: as of November 11, the Nu7 upgrade permanently locked about 12,224 ZEC in the legacy Sprout pool.

Past results don't guarantee future returns; leveraged trading can lose more than your stake.

Claims, Housing and the 30-Year Today

Today brings initial jobless claims at 8:30 a.m. ET (194K forecast, 189K prior), existing home sales at 10:00 a.m. ET (3.86M forecast), and the 30-year bond auction at 1:00 p.m. ET against a prior 5.618%. A yield above that would undo some of the relief from Tuesday's 10-year.

Beyond today, core PCE and jobs data will shape December pricing. For crypto, I'm watching two things: whether $73,000 holds, and whether stablecoin supply starts growing again. Until it does, rallies are running on borrowed time.

This is market commentary, not financial advice. Always do your own research. Trading leveraged products carries a high risk of loss.