Crypto Weekly — Wednesday November 11 2026

Bitcoin Slides on Hot CPI as Fear Grips Crypto

Crypto had a rough week, with bitcoin falling 7.85% to 74,097.16 and every major altcoin losing even more ground after a hotter-than-expected U.S. CPI print pushed prices lower and sent short-term holders moving bitcoin to exchanges at a loss. The fear and greed index dropped to 29, deep in Fear, while a sharp $14.2 billion contraction in stablecoin supply and a fourth straight day of bitcoin ETF outflows pointed to tightening liquidity rather than a simple rotation. Yet derivatives positioning looks far from panicked: funding rates stayed low and positive and Binance long/short ratios remained skewed heavily toward longs, suggesting traders are still braced for a bounce rather than capitulating. Altcoins bore the brunt of the selloff on the week, though the altcoin season index actually ticked up and the 90-day picture shows no durable rotation toward bitcoin. Next week’s spotlight falls on Friday’s Core and headline PPI readings, with bitcoin’s hold above 74,000 and stablecoin flows the key things to watch.

The Week in Crypto

Crypto had a rough week. Bitcoin fell 7.85% to 74,097.16 from 80,405.29 a week ago, and every major altcoin fell harder: Ethereum dropped 14.83% to 2,063.15, Solana lost 12.04% to 83.99, XRP fell 19.01% to 1.06, and Dogecoin slid 11.85% to 0.07. The total crypto market cap stands at $2.50 trillion, while bitcoin dominance ticked up 0.1 points to 59.9%, a sign that money left altcoins faster than it left bitcoin even as bitcoin itself led the dollar losses in headline terms. The fear and greed index reads 29, squarely in Fear, down sharply from a reading of 50 seven days ago, a clean marker of how sentiment turned over the period.

The clearest new pressure point was on-chain selling: short-term bitcoin holders sent 47,000 BTC to exchanges at a loss, a sign that the move lower is being pushed along by holders who are underwater and de-risking, not macro positioning alone. Alongside that, stablecoin supply contracted by $14.2 billion, the largest pullback since the 2022 bear market, pointing to tighter liquidity feeding through the whole market rather than a rotation into risk. Bitcoin ETF outflows also extended through the week. Against that backdrop, tokenization infrastructure kept advancing regardless, with Nomura’s Laser Digital helping launch a Saudi SME credit vault on BNB Chain and OKXICE setting a November 23 launch for a tokenized securities venue, but these read as longer-term adoption stories rather than an offset to this week’s risk-off tone.

Derivatives and Positioning

Leverage in bitcoin and ether derivatives looks orderly rather than stressed, even with spot prices down sharply on the week. Bitcoin funding sits low and positive across venues: 0.0026% on Binance, 0.0064% on Bybit and 0.0051% on OKX, while ether funding is modestly higher at 0.0060% on Binance, 0.0068% on Bybit and 0.0015% on OKX. None of these rates signal crowded one-sided leverage; longs are still paying shorts a small premium rather than capitulating.

Open interest is concentrated in bitcoin, led by Binance at $7.21 billion, followed by Bybit at $5.08 billion and OKX at $2.60 billion. Ether open interest is smaller, with Binance at $4.70 billion, Bybit at $1.50 billion and OKX at $1.36 billion. The standout figure is the long/short ratio on Binance: 2.54 for bitcoin and 3.13 for ether, both skewed heavily toward longs even as prices have fallen over the week. That combination, falling spot prices alongside positive funding and long-heavy ratios, points to traders still positioned for a bounce rather than rushing to the exit. It also means there is room for further de-risking if the weakness that pulled bitcoin through the 74,000 level continues to test that long positioning, especially with short-term holders already sending coin to exchanges at a loss.

Altcoins

Altcoins broadly lagged bitcoin this week on a dollar basis, with Ethereum, Solana, XRP and Dogecoin all posting steeper percentage losses than bitcoin’s decline. Yet the altcoin season index tells a more nuanced story: it reads 50.0%, classified as neither bitcoin season nor altcoin season, and has actually risen from 47.2% a day earlier. Over a 90-day window, 18 of the top 36 coins have beaten bitcoin’s 15.90% return, essentially an even split.

The takeaway is that this week’s altcoin underperformance looks like a sharp, short-term flush rather than a structural shift toward bitcoin dominance. Bitcoin dominance did rise over the week, consistent with capital concentrating in bitcoin during the selloff, but the longer 90-day picture shows altcoins have been competitive with bitcoin, not left behind. For an investor, that split matters: the weekly numbers show altcoins getting hit hardest in the drawdown, while the 90-day index suggests no durable rotation has taken hold either way. The market excluding bitcoin and ether, at $0.75 trillion, ticked up 0.18% over 24 hours, a small signal that the altcoin bleed may be stabilizing even as the week’s losses remain steep.

The Stories That Mattered

The week’s dominant story was bitcoin’s slide below 74,000 after hotter-than-expected U.S. CPI, with analysts warning of a possible drop toward 70,000 and options traders raising the odds of that scenario by Christmas. That price stress lined up with short-term holders sending bitcoin to exchanges at a loss, and with bitcoin ETF outflows that extended for a fourth straight day even as broader stocks rebounded. Stablecoin supply also contracted sharply over the week, the largest pullback since the 2022 bear market, reinforcing a tighter liquidity backdrop.

Elsewhere, institutional and infrastructure activity kept building regardless of the price action. Deutsche Bank launched digital asset custody for companies and institutions. Barclays boosted its BlackRock bitcoin ETF stake by 48%. Kraken parent Payward added 200 tokenized UK and EU stocks to its xStocks platform, which now holds over $1.1 billion in assets. OKXICE set a November 23 launch for a tokenized securities venue under an SEC innovation exemption. On the corporate side, Bitmine posted a $6.3 billion net loss for fiscal 2026 driven by a 44% decline in ether, and Nomura confirmed it is exploring a sale of its crypto unit, Laser Digital. Security incidents also featured, with Across Protocol restoring systems after a domain hijack and Bitcoin Core disclosing three patched flaws, including a high-severity mining bug.

The Week Ahead

Next week’s calendar is dominated by U.S. inflation data, which has already set the tone after a hotter-than-expected CPI print pushed bitcoin below 74,000 this week. Thursday brings Unemployment Claims, forecast at 194K against a prior 189K. Friday is the bigger test, with Core PPI m/m forecast at 0.3% versus a prior 0.7%, and headline PPI m/m forecast at 0.4% versus a prior 1.3%, both rated high impact. Cooler producer price readings could ease some of the tightening pressure that has weighed on bitcoin and the broader market this week. Tuesday’s Import and Export Prices release rounds out the week.

For levels, the market is watching whether bitcoin holds support after this week’s break below 74,097.16, with analysts flagging risk toward 70,000 if ETF outflows and short-term holder selling continue. With the fear and greed index at 29, sentiment remains fragile, and a continuation of stablecoin supply contraction would be a further sign that liquidity, not just price, is tightening into next week.

Oracle Senior Crypto Market Analyst Written by Oracle Crypto Weekly · Wednesday, November 11, 2026 · Weekly crypto summary