• Crypto market liquidations slowed to $274.8 million in the last 24 hours after more than $1 billion was wiped out in the previous session.
• Spot Bitcoin ETFs are now nearing $3 billion in net outflows for November, putting them on track for their weakest month on record. 
• Total outflows so far stand at $2.96 billion, with BlackRock accounting for $2.1 billion of that total.

Bitcoin (BTC) held above $91,000 in early Wednesday trading, steadying after Tuesday's sharp downturn, which triggered more than $1 billion in liquidations.

Bitcoin's price edged 0.1% higher over the past 24 hours, while retail sentiment on Stocktwits improved to 'bearish' from 'extremely bearish', accompanied by 'high' levels of chatter.

CNBC's Mad Money host Jim Cramer wrote on X that it“almost feels like a cabal is trying to keep Bitcoin above $90,000.”

The total crypto market rose 0.2% over the past day to a valuation of $3.22 trillion. Liquidations slowed to $274.8 million in the last 24 hours, according to CoinGlass data. Around $151 million came from long positions and $124 million from shorts. The Crypto Fear and Greed Index remained in 'extreme fear' territory, ticking up to 15 from 11 out of 100.

Is The Crypto Bear Market Here?

On-chain analytics firm Glassnode noted that Bitcoin has fallen below its 0.75 cost-basis quantile, a level that has historically aligned with bear-market conditions. It added that reclaiming and holding the level has been important in past cycles to restore bullish structure, and bulls“will want to see this level regained."

Record ETF Outflows Add Pressure 

BlackRock's iShares Bitcoin Trust (IBIT) saw $523 million in net outflows on Tuesday. This marks the ETF's largest single-day of outflows since launching in January 2024, according to SoSoValue data. The withdrawals added to a growing wave of ETF redemptions this month.

Spot Bitcoin ETFs are now nearing $3 billion in net outflows for November, putting them on track for their weakest month on record. Total outflows so far stand at $2.96 billion, with BlackRock accounting for $2.1 billion of that total.

XRP Leads Losses

Ripple's native token XRP (XRP) led losses among the top 10 cryptocurrencies by market capitalization, followed by Tron (TRX) and Cardano (ADA). XRP's price fell as much as 2.1% in the last 24 hours. On Stocktwits, retail sentiment around the altcoin remained in 'bullish' territory with chatter at 'high' levels over the past day. Both Tron's price and Cardano's price edged 0.6% lower in the last 24 hours.

Other altcoins showed muted gains. Ethereum (ETH) rose 0.9%, while Binance Coin (BNB) and Solana (SOL) edged 0.6% higher. Meme token Dogecoin (DOGE) rose 1%.

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