Bitcoin is steady near $91,000 as traders weigh a delayed U.S. jobs report and a cautious mood across risk assets. The crypto market is mostly flat, with Bitcoin (BTC) down about 0.5% on the day and roughly 11% lower over the past week.
Sentiment Slumps Even as Prices Hold
Ethereum (ETH) slipped 1.4% and is clinging to the $3,000 mark after dipping to $2,870 in the last 24 hours. Among large caps, Solana (SOL) and Dogecoin (DOGE) stood out, up 2.7% and 1.1% respectively.
Fear remains the dominant mood. The Crypto Fear & Greed Index has sat in "extreme fear" for five straight days, showing how nervous traders are despite limited price movement.
Winners, Losers, and a Wave of Liquidations
Across the top 100 tokens, Zcash (ZEC) and Cosmos Hub (ATOM) each jumped about 9% on the day. On the flip side, Canton (CC) fell 9.8%, while Aster (ASTER) and Monero (XMR) dropped more than 5%.
Forced unwinds accelerated. According to Coinglass, about $659.4 million in crypto positions were liquidated over the past 24 hours. Longs took the bigger hit at $454 million, while shorts lost $205 million. By asset, ETH led with $203 million in liquidations, followed by BTC at $174.5 million and ZEC at $74 million. Liquidations happen when traders using leverage are closed out automatically after prices move against them.
On-Chain Lines in the Sand
On-chain data watchers say Bitcoin is nearing key levels. A senior researcher at glassnode said on X that while BTC is testing important price models, the market hasn't confirmed a "true" bear phase. A break below the Active Investors Mean and the True Market Mean would be an early warning of a deeper slide not seen since May 2022, the researcher noted.
In a broader update, glassnode highlighted that BTC's slide below $97,000 and brief touch of $89,000 pushed year-to-date returns negative and raised questions about where strong support could reappear.
ETF Flows Split Between Bitcoin and Ethereum
Exchange-traded funds (ETFs), which let people buy crypto exposure through regular brokerage accounts, showed mixed demand. Spot Bitcoin ETFs recorded $75.47 million in net inflows on Wednesday, Nov. 19, lifting total net assets to $117.34 billion, per SoSoValue. Spot Ethereum ETFs saw $37.35 million in net outflows, with $18.19 billion in total net assets.
Macro Picture: Strong Hiring, Higher Unemployment
The delayed U.S. jobs report landed with a mixed message. The economy added 119,000 nonfarm jobs in September, far above the 50,000 Dow Jones estimate cited by CNBC, according to the Bureau of Labor Statistics' release. But the unemployment rate rose to 4.4%, the highest since October 2021. Traders now look to the BLS Real Earnings report due Friday, Nov. 21, for clues on wage pressure and consumer strength.
Market analysts said the brief BTC rebound earlier in the week came as investors considered a divided tone from the Federal Reserve and the delayed data release. In short: the macro signals are mixed, which tends to keep crypto price moves contained.
Why This Matters
- Bitcoin hovering around $91,000 suggests support, but sentiment is fragile and could flip fast.
- ETH struggling with $3,000 and heavy liquidations show how leverage is amplifying small price moves.
- Split ETF flows hint that investors prefer Bitcoin over Ethereum for now.
- Jobs growth with higher unemployment can complicate Fed policy, affecting all risk assets, including crypto.
What Were Watching Next
- BTC holding $90,000 and ETH reclaiming $3,000.
- Further ETF flow trends in both BTC and ETH.
- Fridays Real Earnings report for wage and inflation clues.
- On-chain thresholds flagged by glassnode for signs of a "deeper" bear trend.