Overview
- Bitcoin slid under $70,000 on Friday, Nov. 13, reaching intraday lows near $68,000 after a week-long retreat from roughly $81,000.
- U.S. spot Bitcoin ETFs recorded sustained net outflows totaling roughly $1.4–1.9 billion across early November, with BlackRock’s IBIT cited as the largest single-day contributor to recent redemptions.
- Heavy leverage amplified the drop as exchanges forced liquidations that industry trackers put between about $622 million and $1.6 billion in concentrated windows, with long positions accounting for the vast majority of losses.
- Macro shocks — a hotter-than-expected October CPI that raised Fed rate-hike odds and a stronger dollar — combined with technology-sector news including Nvidia leadership turmoil to drain risk appetite and reduce buyers.
- Stablecoin liquidity has contracted sharply, with CryptoQuant and others reporting multi-billion-dollar declines in USDT supply, a development that cuts immediate on‑ramps for buyers and raises the risk of further downside unless flows or liquidity improve.