Bitcoin dropped to $62,029 on Bitfinex early Sunday, its lowest level since July. The price subsequently climbed to $65,487, according to the chart Back shared on X. His post highlighted the 5.5% overnight recovery following the latest market decline.
Adam Back Comments on Bitcoin's Latest Rebound
Back shared a Bitfinex Bitcoin chart on November 15 with the caption “Bouncy,” referring to the cryptocurrency's recovery from its latest low.
The Blockstream chief executive has a longstanding connection to Bitcoin's development. He created Hashcash, the proof-of-work system cited by Satoshi Nakamoto in the original Bitcoin whitepaper, and was among the early individuals contacted by Bitcoin's pseudonymous creator.
Despite Sunday's recovery, Bitcoin remained under significant pressure. TradingView data showed the cryptocurrency had lost approximately 20% over the previous month. Bitcoin reached an all-time high of $126,000 in October 2025 and was trading at roughly half that level at the time of the report.
Liquidations and ETF Outflows Add to Market Pressure
Bitcoin had fallen below its 200-day moving average near $73,000 earlier in November. The decline was accompanied by substantial derivatives liquidations and withdrawals from investment products.
On November 13, cryptocurrency exchanges recorded $1.65 billion in liquidations over 24 hours, with long positions accounting for most of the forced closures, according to CoinGlass.
US spot Bitcoin exchange-traded funds also experienced nearly $3 billion in investor outflows over the preceding few weeks, based on SoSoValue data.
The market decline followed an October hack at Binance that resulted in losses of $6.4 billion, according to the source report. Fundstrat managing partner Tom Lee offered another explanation for the market weakness, describing the drawdown as a rotation of capital into major initial public offerings.
Anthropic was scheduled to begin trading on Nasdaq on November 19, adding to attention surrounding the upcoming technology listing.
Adam Back Maintains Bitcoin's $1 Million Target for 2028
Back reiterated his bullish long-term outlook during an interview with CNBC on November 12. He said he expects Bitcoin to exceed $1 million before the current market cycle ends, which he places later in 2028.
“Personally I have a bet on Bitcoin to top a million by the end of the cycle, which is later in 2028,” Back said.
He argued that institutional investment remains at an early stage, estimating that approximately 95% of capital managed by large asset managers, mutual funds and model portfolios has yet to enter Bitcoin.
“We're still 95% or more of that to come in the following years,” he said.
Back describes Bitcoin as “better gold,” pointing to its capped supply and straightforward verification. He expects banks and pension funds to become a third major wave of demand, while noting that Vanguard has already permitted clients to trade cryptocurrency ETFs.
“I think we're in the early innings of a bull market cycle,” Back added.
source: u,today
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
