Key Takeaways
- • Bitcoin fell below $72,000 on Nov. 12, touching its lowest level since August and trading near $71,450, down about 2.9% over 24 hours and roughly 14% over the past month, according to CoinGlass data.
- • U.S. spot Bitcoin ETFs recorded $299.8 million in net outflows, the fifth consecutive session of redemptions, led by BlackRock's IBIT with $269.7 million in withdrawals per Farside Investors.
- • CoinGlass reported about $304.5 million in Bitcoin futures liquidations, roughly 87% from long positions, with more than $479 million in combined liquidations across five major tokens.
- • Hawkish Federal Reserve commentary from Beth Hammack and Christopher Waller, plus October CPI of 0.4% month-on-month versus 0.3% expected, pushed the two-year Treasury yield up 7.2 basis points to 4.80%.
- • Bitcoin open interest remained near $51.1 billion, signaling substantial leveraged exposure still outstanding; analysts flag $70,000 as the next key level if the $71,200 intraday low breaks.
Summary
Bitcoin fell below $72,000 on Thursday, Nov. 12, touching its weakest level since August as a fifth straight session of withdrawals from U.S. spot exchange-traded funds and a wave of forced closures of leveraged long positions compounded a slide that has erased roughly 14% of the token's value over the past month. The largest cryptocurrency traded near $71,450 during U.S. hours, down about 2.9% over 24 hours according to CoinGlass derivatives data, after breaking through the $72,000 level that analysts had flagged as key support. The intraday low was near $71,218.
The decline was broad across the market. Ethereum slipped below $2,000 to $1,999.53, down 2.73%, while Solana lost 3.58% to $80.84. XRP hovered just above $1 at $1.0174, and BNB traded at $652. Smaller tokens fell harder, with Dogecoin down 5.09% and NEAR down 8.86%.
Derivatives markets amplified the selling. CoinGlass put 24-hour Bitcoin futures liquidations at about $304.5 million, with long positions accounting for roughly $265.8 million, or nearly 87%. Ethereum liquidations totaled $126.35 million, of which $104.74 million came from longs. Solana, XRP and Dogecoin added roughly $23.63 million, $12.78 million and $11.17 million respectively, bringing combined liquidations across the five tokens above $479 million, about $414 million of it from bullish bets. Open interest in Bitcoin futures stayed near $51.1 billion, indicating that substantial leveraged exposure remains outstanding.
Institutional demand thinned at the same time. According to Farside Investors, U.S. spot Bitcoin ETFs recorded $299.8 million in net outflows in the latest completed session. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $269.7 million of that total, and Grayscale's GBTC lost $39.1 million, partly offset by $9 million in inflows to Morgan Stanley's MSBT. Net withdrawals for Nov. 5-11 totaled roughly $1.44 billion. Spot Ethereum funds shed another $144.8 million in the same session, bringing combined outflows from the two fund groups to $444.6 million.
Macro and equity pressures added to the move. Before the U.S. open, Nvidia announced that founder and CEO Jensen Huang had stepped down from his post and the board, with CFO Colette Kress named interim CEO; the stock fell about 10% in premarket trading, and Bitcoin slid to around $72,400. Nasdaq losses were later limited to about 0.35% in the first half hour, yet the token continued drifting lower to $71,300. Treasury yields rose after Cleveland Fed President Beth Hammack said inflationary pressures were broadening and policy needed to be tighter, lifting the two-year yield 7.2 basis points to 4.80%. This followed Tuesday's inflation report showing October consumer prices up 0.4% month-on-month against expectations of 0.3%, with core inflation rising 0.3% for a third straight month. Fed Governor Christopher Waller said this week that further tightening is needed to return inflation to the 2% target.
Technically, a sustained break below the $71,200 intraday low would bring the $70,000 level into view, with $68,000-$69,000 the next zone if selling accelerates. A move back above $72,000 would be a first sign of stabilization, though Bitcoin would need to reclaim $73,000-$74,000 before challenging resistance near $75,500. The central question for investors is whether spot demand returns before outstanding leverage is flushed out. With fund flows negative for a full trading week and rate expectations tilting hawkish, yield-bearing assets are competing more directly for the same capital, and crypto-linked equities and ETF products remain the most direct transmission channel for further weakness.
The decline was broad across the market. Ethereum slipped below $2,000 to $1,999.53, down 2.73%, while Solana lost 3.58% to $80.84. XRP hovered just above $1 at $1.0174, and BNB traded at $652. Smaller tokens fell harder, with Dogecoin down 5.09% and NEAR down 8.86%.
Derivatives markets amplified the selling. CoinGlass put 24-hour Bitcoin futures liquidations at about $304.5 million, with long positions accounting for roughly $265.8 million, or nearly 87%. Ethereum liquidations totaled $126.35 million, of which $104.74 million came from longs. Solana, XRP and Dogecoin added roughly $23.63 million, $12.78 million and $11.17 million respectively, bringing combined liquidations across the five tokens above $479 million, about $414 million of it from bullish bets. Open interest in Bitcoin futures stayed near $51.1 billion, indicating that substantial leveraged exposure remains outstanding.
Institutional demand thinned at the same time. According to Farside Investors, U.S. spot Bitcoin ETFs recorded $299.8 million in net outflows in the latest completed session. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $269.7 million of that total, and Grayscale's GBTC lost $39.1 million, partly offset by $9 million in inflows to Morgan Stanley's MSBT. Net withdrawals for Nov. 5-11 totaled roughly $1.44 billion. Spot Ethereum funds shed another $144.8 million in the same session, bringing combined outflows from the two fund groups to $444.6 million.
Macro and equity pressures added to the move. Before the U.S. open, Nvidia announced that founder and CEO Jensen Huang had stepped down from his post and the board, with CFO Colette Kress named interim CEO; the stock fell about 10% in premarket trading, and Bitcoin slid to around $72,400. Nasdaq losses were later limited to about 0.35% in the first half hour, yet the token continued drifting lower to $71,300. Treasury yields rose after Cleveland Fed President Beth Hammack said inflationary pressures were broadening and policy needed to be tighter, lifting the two-year yield 7.2 basis points to 4.80%. This followed Tuesday's inflation report showing October consumer prices up 0.4% month-on-month against expectations of 0.3%, with core inflation rising 0.3% for a third straight month. Fed Governor Christopher Waller said this week that further tightening is needed to return inflation to the 2% target.
Technically, a sustained break below the $71,200 intraday low would bring the $70,000 level into view, with $68,000-$69,000 the next zone if selling accelerates. A move back above $72,000 would be a first sign of stabilization, though Bitcoin would need to reclaim $73,000-$74,000 before challenging resistance near $75,500. The central question for investors is whether spot demand returns before outstanding leverage is flushed out. With fund flows negative for a full trading week and rate expectations tilting hawkish, yield-bearing assets are competing more directly for the same capital, and crypto-linked equities and ETF products remain the most direct transmission channel for further weakness.
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