PiCK

Summary

  • Bitcoin (BTC) lost the $70,000 psychological threshold and tumbled into the $68,000 range, hurting investor sentiment.
  • U.S. spot Bitcoin ETFs have seen $1.9 billion of net outflows this month, while the Fear & Greed Index has fallen into Extreme Fear territory.
  • On-chain data showed stablecoin supply fell by $14.2 billion, while order-book depth and liquidity weakened, leaving few reasons for short-term optimism.

Forecast Trend Report by Period

Bitcoin (BTC) fell below the closely watched $70,000 psychological threshold after a string of negative developments hit the market at once, including Strategy’s removal from an MSCI index and Nvidia CEO Jensen Huang’s resignation. Institutional demand is also weakening, adding to concerns that the downturn may continue.

According to CoinMarketCap data on Nov. 13, Bitcoin slid more than 4% on the day, dropping from the $71,000 range to the $68,000 range. The token extended losses after breaking below $70,000 and briefly dipped under $68,000 during the session. It was the first time in about three months, since mid-August, that Bitcoin had fallen to the $68,000 range.

The latest leg down was triggered by news of Huang’s resignation following a recent personal scandal. Nvidia’s board removed Huang on Nov. 12 and named Chief Financial Officer Colette Kress interim CEO. The crypto market reacted immediately, deepening the selloff.

Stronger Dollar Adds Downward Pressure

Market participants say Nvidia was not the only source of pressure. Strategy’s removal from an MSCI index also added to the negative backdrop.

MSCI recently removed Strategy from the MSCI USA Index after classifying it as a “non-operating company” in its November regular review. Other digital-asset treasury companies, including Metaplanet, often called Japan’s version of Strategy, and Upexi, which holds Solana (SOL) reserves, were also dropped from MSCI indexes. JPMorgan has estimated that Strategy’s exclusion from the MSCI index could trigger about $2.8 billion of selling pressure.

Dollar strength is also weighing on the market. The U.S. Dollar Index, which tracks the greenback against six major currencies, stood at 103.073 as of Nov. 13. It was the first time the index had risen above 103 since April 2025. A reading above 100 is generally interpreted as a sign of dollar strength.

Cointelegraph reported that Bitcoin fell 5.9% between Nov. 5 and Nov. 12, while the Nasdaq 100 rose 6.4%. That suggests Bitcoin reacted more sensitively than tech stocks to a stronger dollar and rising U.S. Treasury yields.

Bitcoin ETFs See $1.9 Billion of Net Outflows This Month

Institutional money is also leaving the market. According to on-chain analytics firm SoSoValue, U.S. spot Bitcoin exchange-traded funds have posted net outflows for five straight trading days. About $1.9 billion has flowed out of U.S. Bitcoin ETFs so far this month. BlackRock’s IBIT alone accounted for about $1.8 billion of those net outflows.

Crypto sentiment has also deteriorated. Alternative’s Crypto Fear & Greed Index fell 8 points from a day earlier to 20 on Nov. 13, entering the “Extreme Fear” zone for the first time in about four months, since July. Cointelegraph said sentiment has worsened amid institutional outflows, tighter liquidity and broader macroeconomic pressure.

‘Not Many Reasons for Optimism’

The bigger concern is that Bitcoin’s weakness could persist for some time. According to on-chain analytics firm Glassnode, stablecoin supply has shrunk by $14.2 billion over the past month. That marks the steepest decline since June 2022.

Glassnode said the drop shows investors are converting stablecoins into dollars and pulling cash out of the market, weakening the fuel for further gains. It added that Bitcoin has entered a correction phase with little fresh capital coming in, leaving few reasons for short-term optimism.

There is also concern that thinner liquidity could amplify volatility. According to crypto trading infrastructure firm Talos, Bitcoin order-book depth across major exchanges has recently fallen to the low-$70 million range.

Tanay Ved, a senior research analyst at Talos, said that level is nearly 33% below normal. Liquidity is thin while leverage remains elevated, leaving the market vulnerable to sharp swings.

JOON HYOUNG LEE