Bitcoin price briefly dropped below $62,000 on Nov. 15 as cryptocurrency selling continued through the weekend. The decline followed $1.07 billion in weekly U.S. spot Bitcoin exchange-traded fund (ETF) outflows.
Crypto trader Daan Crypto Trades questioned whether large holders were behind the weakness. However, his whale-selling theory lacked identified wallets or transaction evidence.
Meanwhile, derivatives positioning and weaker stablecoin liquidity raised concerns about the recovery. Bitcoin also traded below its 200-week moving average, adding pressure to the longer-term technical outlook.
BTC Whale Selling Behind Bitcoin Decline
Crypto trader Daan Crypto Trades suspects one or more large holders have sold billions of dollars in Bitcoin. His assessment follows several sessions of selling pressure that have pushed BTC lower despite rebounds in US equities.
The trader pointed to Bitcoin’s weak performance relative to other major cryptocurrencies. Some leading altcoins held their ground better during the latest downturn, even as Bitcoin led the decline. The analyst believes this unusual price action could reflect concentrated selling by large BTC holders.
However, the theory remains unconfirmed. The trader has not identified a wallet or provided transactions connecting particular holders to the selloff.
BTC Funding Rates and Coinbase Discount Signal Pressure
Bitcoin futures funding rates remained positive while prices fell. Positive funding means traders holding long positions generally pay short sellers. Persistent positive rates suggest that leveraged bullish exposure has not fully cleared despite the downturn.
Eight-hour funding stood near 0.0001%. Meanwhile, the Coinbase premium registered around negative 0.10%. The discount means Bitcoin traded more cheaply on Coinbase than on the exchange used for comparison, pointing to weaker relative demand from US-based traders.
Short positions have also faced limited sustained rebounds during the decline. The analyst suggested that falling funding rates and a narrower Coinbase discount could indicate easing pressure. Neither indicator, however, establishes who has been selling Bitcoin.
ETF Withdrawals and Liquidations Add to Bitcoin Selling
US spot Bitcoin ETFs recorded approximately $1.07 billion in net outflows during the week ending November 13. The funds suffered withdrawals on all five trading days, extending their losing streak to seven sessions. Those seven sessions produced roughly $1.91 billion in cumulative outflows.
Selling also spread across other cryptocurrency funds. Spot Ethereum ETFs lost about $399 million that week, while Solana products recorded approximately $32 million in outflows. The withdrawals occurred alongside forced closures of leveraged positions.
Market commentator Ted Pillows estimated liquidations of $1.2 billion Thursday, $1.6 billion Friday and another $1.2 billion overnight. He said most affected long positions. He also cited a wallet withdrawing more than 3,000 BTC from Binance, showing that not every large holder was moving coins onto exchanges.
Separately, Coinbase Institutional reported that stablecoin supply contracted $11.5 billion over 30 days. The reduction leaves fewer stablecoins circulating across the crypto market.
Bitcoin Price Falls Below 200-Week Moving Average
Bitcoin traded around $65,400 on the weekly chart, below its 200-week simple moving average near $67,991. The break puts BTC below a long-term measure traders often watch during major market downturns.
The daily futures chart showed Bitcoin near $67,275 after declining from the $80,000 area. Immediate attention now centers on the $66,000 to $68,000 support zone. Coinbase Institutional identified $62,000 as another support level if Bitcoin loses $66,000.
Macroeconomic data has added to the pressure. October US inflation exceeded forecasts, prompting futures traders to price in approximately 64 basis points of Federal Reserve rate increases over the next year. Higher expected interest rates can weigh on demand for non-interest-bearing assets.
A recovery above $73,000 would put the earlier breakdown area back in focus. Coinbase Institutional identified $80,000 as a possible next objective if BTC reclaims the $73,000 to $75,000 range.
This article provides information, not investment advice. Cryptocurrency trading involves substantial financial risks.
Kelvin is an experienced crypto journalist with over 6 years of experience backed by an Actuarial Science and English Degree. He has over 10,000 works published under his profile in several major media sites in the crypto, Web 3, and Finance sectors.
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