Bitcoin traded near $75,700 on Sunday, 8 November, as record outflows from US spot exchange-traded funds wiped out the cryptocurrency's institutional gains for 2026.

Bitcoin was changing hands at around $75,750, according to InteractiveCrypto's crypto desk, after a week in which heavy redemptions from spot ETFs overwhelmed a regulatory win for the sector. Pluang reported that bitcoin was down 2.2% since October and under pressure from $1.28 billion in spot ETF outflows, alongside rising odds of a Federal Reserve rate rise and fallout from the recent Binance hack.

The selling has left traders watching two levels closely. Pluang put the 200-day moving average at $73,191 and the short-term holder cost basis — the average price at which recent buyers acquired their coins — at $75,700, almost exactly where bitcoin was trading. A sustained move below that cost basis would put a large group of recent buyers underwater.

Jobs data and the dollar add pressure

The latest catalyst was a stronger-than-expected US employment report. The economy added 165,000 jobs in October, well above forecasts near 65,000, lifting expectations that the Federal Reserve will raise interest rates in December and strengthening the dollar. Both developments tend to weigh on crypto prices.

Investors now face a decisive week for the rate outlook. The October consumer price report is due on Tuesday, 10 November, followed by the Federal Reserve's December meeting, where officials will weigh a resilient jobs market against an unsettled equity backdrop. Whether bitcoin recovers towards $80,000 or slips towards $70,000 is likely to turn on those readings.