Key Takeaways
- • Bitcoin fell below $72,000 on Nov. 12, its lowest level since August, erasing roughly 14% of its value over the past month according to BigGo Finance.
- • U.S. spot Bitcoin ETFs recorded $299.8 million in net outflows in the last completed session, the fifth straight day of redemptions, with BlackRock's iShares Bitcoin Trust accounting for $269.7 million (per Farside Investors via BigGo).
- • Roughly $479 million in crypto liquidations were recorded over 24 hours across Bitcoin, Ether, Solana, XRP and Dogecoin, about $414 million of it from bullish bets (per CoinGlass via BigGo).
- • Hawkish Federal Reserve commentary and a 0.4% monthly rise in October consumer prices lifted rate expectations, with the two-year Treasury yield reaching 4.80%.
- • Bitfinex estimates 1.6 million BTC bought between $75,000 and $80,000 is now held at a loss, with the short-term holder cost basis at $75,717 (per Crypto News).
Summary
Bitcoin fell below $72,000 on Nov. 12, its weakest level since August, as withdrawals from U.S. spot Bitcoin exchange-traded funds and forced liquidation of leveraged positions compounded the decline. Prices varied slightly across outlets due to timing: Bloomingbit, citing CoinMarketCap, put Bitcoin at $71,822.12, down 2.31% on the day and 9.6% on the week, while Crypto News recorded it near $71,421. On Binance, Bitcoin hit an intraday low of $71,255 after a session high of $74,217, according to Crypto News. Ether dropped under $2,000, with BigGo Finance reporting $1,999.53, down 2.73%. Solana, XRP and Dogecoin also declined, and NEAR fell 8.86%.
Derivatives trading amplified the sell-off. According to CoinGlass as cited by BigGo Finance, about $304.5 million in Bitcoin futures positions were liquidated over 24 hours, roughly 87% of them long positions. Across Bitcoin, Ether, Solana, XRP and Dogecoin, liquidations exceeded $479 million. Bitcoin futures open interest remained near $51.1 billion, which BigGo said indicates substantial leveraged exposure still in the market.
Institutional demand has weakened. Farside Investors data cited by BigGo showed $299.8 million in net outflows from U.S. spot Bitcoin ETFs, with net withdrawals from Nov. 5 to Nov. 11 totaling roughly $1.44 billion. Bitfinex Alpha, cited by Crypto News, counted $2.22 billion in withdrawals across eight sessions starting Oct. 30.
Macro pressures added to the decline. BigGo linked the sell-off to expectations of higher interest rates, noting October consumer prices rose 0.4% month over month against forecasts of 0.3%, and core inflation rose 0.3% for a third straight month. Cleveland Fed President Beth Hammack said inflationary pressures were broadening and policy needed to be tighter, and Fed governor Christopher Waller said further tightening is needed to return inflation to the 2% target. The two-year Treasury yield rose to 4.80% during Hammack's remarks.
Technically, Crypto News reported Bitcoin broke below its lower daily Bollinger Band at $71,978 and its 20-week and 50-week moving averages at $74,220 and $75,157. Not all indicators were negative: weekly Chaikin Money Flow stayed positive at 0.10. Analysts named $70,000 as the next reference point, with the 200-week moving average near $68,013 below that. BigGo said a move back above $72,000 would be a first sign of stabilization, though Bitcoin would need to reclaim $73,000 to $74,000 before testing resistance near $75,500. Bitfinex estimated that holders who bought between $75,000 and $80,000 could sell if prices recover toward their entry levels.
Derivatives trading amplified the sell-off. According to CoinGlass as cited by BigGo Finance, about $304.5 million in Bitcoin futures positions were liquidated over 24 hours, roughly 87% of them long positions. Across Bitcoin, Ether, Solana, XRP and Dogecoin, liquidations exceeded $479 million. Bitcoin futures open interest remained near $51.1 billion, which BigGo said indicates substantial leveraged exposure still in the market.
Institutional demand has weakened. Farside Investors data cited by BigGo showed $299.8 million in net outflows from U.S. spot Bitcoin ETFs, with net withdrawals from Nov. 5 to Nov. 11 totaling roughly $1.44 billion. Bitfinex Alpha, cited by Crypto News, counted $2.22 billion in withdrawals across eight sessions starting Oct. 30.
Macro pressures added to the decline. BigGo linked the sell-off to expectations of higher interest rates, noting October consumer prices rose 0.4% month over month against forecasts of 0.3%, and core inflation rose 0.3% for a third straight month. Cleveland Fed President Beth Hammack said inflationary pressures were broadening and policy needed to be tighter, and Fed governor Christopher Waller said further tightening is needed to return inflation to the 2% target. The two-year Treasury yield rose to 4.80% during Hammack's remarks.
Technically, Crypto News reported Bitcoin broke below its lower daily Bollinger Band at $71,978 and its 20-week and 50-week moving averages at $74,220 and $75,157. Not all indicators were negative: weekly Chaikin Money Flow stayed positive at 0.10. Analysts named $70,000 as the next reference point, with the 200-week moving average near $68,013 below that. BigGo said a move back above $72,000 would be a first sign of stabilization, though Bitcoin would need to reclaim $73,000 to $74,000 before testing resistance near $75,500. Bitfinex estimated that holders who bought between $75,000 and $80,000 could sell if prices recover toward their entry levels.
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