Bitcoin (CRYPTO: $BTC) fell below $65,000 on Saturday, trading at $64,595.23, down 5.57% from a day earlier.

The drop extends a selloff that has taken the world's largest cryptocurrency from above $74,000 earlier in the week. Steady withdrawals from U.S. spot bitcoin funds and a wave of forced selling in derivatives markets have added to the pressure.

According to SoSoValue data, U.S. spot bitcoin ETFs posted $1.07 billion in net outflows last week, the second straight week with more than $1 billion leaving the funds. They lost money in all five sessions.

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The funds have now seen outflows for seven straight trading days, draining $1.91 billion since Nov. 5. That is their longest losing streak since a 10-session run from mid-June to early July.

November's outflows already total $2.35 billion, the largest monthly figure since June, and the funds are now down about $1.98 billion for 2026. BlackRock's iShares Bitcoin Trust (NASDAQ: $IBIT) accounted for $143.5 million of Friday's $185.5 million in redemptions.

The selling was not limited to bitcoin. U.S. spot crypto ETFs lost about $1.55 billion combined last week, with ether funds shedding $398.9 million for a seventh straight negative week. Avalanche (CRYPTO: $AVAX) funds posted the only weekly inflow, at $227,000.

Bitcoin had already fallen below $69,000 on Friday, its lowest level since August, as traders weighed Jensen Huang's resignation as Nvidia (NASDAQ: $NVDA) CEO and expectations of another Federal Reserve rate hike on Dec. 9.

Leveraged traders took heavy losses. More than $1.2 billion in positions were liquidated over 24 hours, most of them bets on higher prices, according to CoinGlass data.

Ether (CRYPTO: $ETH) broke below $1,800, down nearly 8% over 24 hours.