Why Is Bitcoin Dropping? ETF Outflows Push BTC Below $70K

Bitcoin (BTC▼$68,709.00) fell below $70,000 on Friday, November 13, as crypto liquidations topped $1.4 billion. According to CoinGecko, Bitcoin traded at $69,081 at 07:27:59 UTC, down 5.93% over 24 hours. Why is Bitcoin dropping? Sustained withdrawals from spot Bitcoin ETFs, a stronger US dollar and rising Treasury yields have put the market under pressure, according to market researchers. Leveraged bullish positions added forced selling as the decline accelerated.

🔹Why Is Bitcoin Dropping: ETF Outflows and Market Pressures
💡BTC Selling Puts ETF Investors and Leveraged Traders in Focus
📎Bitcoin's Retreat Began at $81,000 Before the Inflation Release
🔸Bitcoin's Losses Spread Across Crypto as Stocks Diverge
🔹BTC Liquidations, Thin Order Books and Extreme Fear
💵Bitcoin Risks Center on Leverage and Persistent Withdrawals
✨What to Watch for Bitcoin Through November
❓FAQ

Why Is Bitcoin Dropping: ETF Outflows and Market Pressures

How Far Did BTC Fall on November 13?

Bitcoin traded below $69,000 earlier Friday before returning above that level. By 07:27 UTC, it remained below $70,000 despite recovering some ground during the morning.

From $69,081, BTC would need to gain about 1.3% to reach $70,000. That puts the breached threshold within reach of a modest rebound, even as the daily decline leaves holders facing a substantially weaker market.

How Did the Break Affect Leveraged Positions?

Nearly $500 million in futures positions were liquidated around Bitcoin’s break below $70,000. Losses on leveraged bullish trades reduced collateral, prompting exchanges to close positions and adding forced selling to the decline.

The threshold gave way after an extended retreat. Bitcoin was also down 9.2% over the preceding week, while its quarter-to-date loss stood at 17%.

BTC Selling Puts ETF Investors and Leveraged Traders in Focus

Which Bitcoin Fund Faced Sustained Withdrawals?

BlackRock’s iShares Bitcoin Trust, IBIT, recorded more than $2 billion in net outflows across nine consecutive trading sessions through Wednesday, November 11. The streak placed a major institutional investment product at the center of the withdrawal pressure.

Broader US spot Bitcoin funds shed nearly $1.44 billion over five sessions. The persistent redemptions meant Friday’s price break arrived while money was already leaving the ETF market.

Who Is Explaining Bitcoin’s Decline?

Giottus CEO Vikram Subburaj attributed the weakness to institutional outflows, tightening crypto liquidity and expectations of a December Federal Reserve rate increase. His assessment connected the fund withdrawals with a less favorable monetary backdrop.

Research firm 10x Research focused on rising Treasury yields and the stronger dollar. Talos senior research associate Tanay Ved highlighted elevated leverage and thin order books, identifying trading conditions that could amplify a move once selling began.

Which Traders Took the Largest Hit?

More than 170,000 traders suffered liquidations across crypto markets. The largest individual position closed was a bullish Bitcoin trade on Hyperliquid worth $31.09 million.

The concentration of losses in bullish positions left traders betting on a rebound particularly exposed. Bitcoin accounted for $742 million of the market-wide liquidation total, considerably more than ether’s $250 million.

Bitcoin’s Retreat Began at $81,000 Before the Inflation Release

What Happened Before BTC Lost $70,000?

Bitcoin reached $81,000 the previous Wednesday, then fell below $76,000 within 24 hours. Several relatively quiet days followed, with trading concentrated between $75,000 and $76,000.

The current business week opened with another decline below $74,000. Friday therefore extended a retreat that had already broken through several price levels before the latest round of forced selling.

At $69,081, Bitcoin was about 14.7% below that earlier $81,000 price. The distance shows how much ground the cryptocurrency had surrendered across the broader pullback.

How Did the October CPI Release Fit Into the Decline?

The October US consumer price index release exceeded expectations earlier in the week. Bitcoin slipped below $73,000 on Tuesday after the release, then attempted to recover toward $75,000 on Wednesday.

That rebound failed. BTC returned to $73,000 and subsequently moved toward $71,000 before Friday’s break below $70,000 and $69,000.

Why Did December Fed Expectations Matter?

Expectations increased for a half-percentage-point Federal Reserve interest-rate increase in December following the inflation release. Subburaj identified the prospect of higher rates as one of the pressures weighing on Bitcoin.

The policy outlook also formed part of the backdrop to the stronger dollar and rising Treasury yields. Those markets were central to 10x Research’s explanation of Bitcoin’s weakness during the preceding week.

Bitcoin’s Losses Spread Across Crypto as Stocks Diverge

How Broad Was the Crypto Selloff?

Ether fell below $2,000, XRP▼$1.03 traded close to $1 and Solana slipped below $80. The selling extended across major cryptocurrencies as Bitcoin lost its footing.

Several smaller tokens, including GT▼$8.86, Stacks and XMR▼$529.24, suffered daily declines of at least 7%. The breadth of the losses left leveraged traders exposed across multiple assets during the same selloff.

Why Did BTC’s Performance Stand Out Against the Nasdaq?

Between November 5 and November 12, Bitcoin fell 5.9% while the Nasdaq 100 gained 6.4%, according to 10x Research. US technology stocks advanced during an interval in which Bitcoin continued to weaken.

Gold fell 5.5% over those same dates. The research firm said Bitcoin was increasingly trading alongside gold as the US 10-year Treasury yield climbed above 5%.

What Was Happening to the Dollar?

The Dollar Index rose above 103, its highest level since April 2025. It had gained nearly 2% since early October as expectations of Fed rate increases strengthened.

10x Research attributed Bitcoin’s behavior more to the dollar and Treasury yields than to technology stocks. For BTC holders, that assessment puts the December policy outlook alongside ETF flows as a key part of the current market story.

BTC Liquidations, Thin Order Books and Extreme Fear

How Much of the Liquidation Total Came From Longs?

CoinGlass figures cited by CryptoPotato put 24-hour crypto liquidations above $1.4 billion. Approximately $1.26 billion came from long positions, compared with $155 million from shorts.

Longs accounted for about 89% of the combined long and short amounts. Bullish positions bore the overwhelming share of forced closures as prices moved lower.

The largest individual liquidation on Hyperliquid stood out, but the damage extended across more than 170,000 traders. The aggregate exposure made the selloff much broader than a handful of unusually large failed positions.

What Did Talos Find in Bitcoin Order Books?

Bitcoin order-book depth across major exchanges fell to $72 million on November 9, approximately 33% below normal, according to Talos. Its weekly assessment paired thinner depth with elevated leverage.

“Liquidity remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction,” Ved said. The warning applies to rebounds as well as further selling: fragile trading conditions can amplify either move.

How Weak Had Bitcoin Sentiment Become?

The Crypto Fear & Greed Index reached 20 on Friday, entering extreme fear and hitting its lowest level in more than four months. Cointelegraph linked the deteriorating mood with institutional withdrawals and tightening trading conditions.

The index last reached 20 on July 8. Friday’s return to that level placed the latest price decline alongside a marked deterioration in investor sentiment.

Bitcoin Risks Center on Leverage and Persistent Withdrawals

Why Could Another Sharp Move Develop?

Talos identified the combination of thin liquidity and elevated leverage as the immediate vulnerability. Friday’s forced closures showed how leveraged exposure could add selling pressure after Bitcoin crossed a widely watched price threshold.

Ved’s warning also leaves room for abrupt upward moves. A bounce would occur in a market that the trading platform described as vulnerable in both directions, making the strength of order books relevant to whether a recovery holds.

What Pressure Remains in the ETF Market?

Preliminary Farside Investors figures showed $47.7 million in net outflows for Thursday, November 12, with BlackRock and Fidelity results still pending. That partial tally followed the sustained withdrawal streak already visible at IBIT.

Subburaj’s explanation places institutional outflows among the principal pressures on Bitcoin. Continued withdrawals would keep that concern in focus even if the immediate burst of liquidations eased.

What Could Keep the Macro Backdrop Difficult?

The hotter-than-expected October inflation release increased expectations of tighter Fed policy in December. At the same time, the dollar reached its strongest level since April 2025 and the 10-year Treasury yield moved above 5%.

Those were the conditions 10x Research highlighted when explaining Bitcoin’s divergence from technology stocks. A continuation of that backdrop would leave the pressures identified by the firm in place.

What to Watch for Bitcoin Through November

Which ETF Updates Matter Next?

The completion of Thursday’s fund-flow figures is the next concrete item for the ETF market. Subsequent sessions will also show whether the persistent withdrawal pattern changes.

Ved said a turn in capital flows would help establish a firmer foundation for recovery. That makes the direction of new fund flows relevant beyond Bitcoin’s ability to briefly reclaim a price threshold.

What Would Support a More Durable BTC Recovery?

“A rebuild in order-book depth and a turn in capital flows would provide a firmer foundation for recovery,” Ved said. His conditions address both the market’s ability to absorb trades and the direction of investment capital.

A recovery supported by those changes would address the trading weaknesses Talos identified. Further forced selling into thin order books would leave the same vulnerabilities active.

Which Policy Decision Is the Market Watching?

The Federal Reserve’s December interest-rate decision remains the policy event highlighted by the analysts. Expectations have shifted toward a half-point increase after October inflation exceeded forecasts.

Through the rest of November, the dollar, Treasury yields and ETF flows provide concrete developments to follow alongside BTC’s price. Together, they capture the monetary and investment pressures researchers identified behind the current retreat.

FAQ

When was the $69,081 Bitcoin price recorded?

The price was recorded at 07:27:59 UTC on November 13, 2026. Bitcoin’s corresponding 24-hour change was a decline of 5.93%.

Which dates did the nine-session IBIT outflow streak cover?

The nine consecutive trading sessions ended on Wednesday, November 11. More than $2 billion left BlackRock’s Bitcoin fund during that streak.

Which fund managers were missing from Thursday’s preliminary ETF tally?

BlackRock and Fidelity had yet to be included in the preliminary November 12 figures. The partial net outflow total was $47.7 million.

How much of the liquidation total came from long positions?

Long positions accounted for approximately $1.26 billion in forced closures over 24 hours. Short positions contributed another $155 million, leaving bullish trades with most of the losses.

Where did the largest single liquidation occur, and how large was it?

The largest individual liquidation occurred on Hyperliquid and was worth $31.09 million. It involved a leveraged bullish Bitcoin position.

When had the Crypto Fear & Greed Index last reached 20?

The index previously reached that level on July 8. Its November 13 reading returned sentiment to extreme fear after more than four months.

What size December Fed rate increase was drawing attention?

Market expectations had strengthened for a half-percentage-point increase. The shift followed the hotter-than-expected October US consumer price index release earlier in the week.

This article is for information only and is not financial advice.