Bitcoin (BTC) fell below $70,000 on Friday, hitting its lowest level since Aug. 20 as outflows from U.S. spot Bitcoin exchange-traded funds and inflation concerns added pressure to crypto markets.
U.S. spot Bitcoin ETFs saw more than $2.5 billion in cumulative net outflows from Oct. 30 through Nov. 11. The figure covers withdrawals across that period, rather than a single-day total. Net outflows mean withdrawals exceeded new investments, putting institutional demand in focus during the selloff.
U.S. Treasury yields held near Thursday’s highs, while persistent inflation worries lifted expectations for additional Federal Reserve rate increases. Bitcoin’s decline came as the MSCI Asia Pacific Index rose 1% Friday, leaving Bitcoin lower while the regional stock benchmark advanced.
Political concerns added to the backdrop. After the U.S. midterm elections, Democrats were expected to regain control of both chambers of Congress next year, raising concern about closer scrutiny of the crypto industry.
Enna Lee
Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].
