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

Bitcoin (BTC) 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. The decline was driven by sustained withdrawals from spot Bitcoin ETFs, a stronger US dollar, and rising Treasury yields, with leveraged bullish positions adding forced selling as the market accelerated downward.

ETF Outflows Pressure Market

BlackRock's iShares Bitcoin Trust (IBIT) recorded more than $2 billion in net outflows across nine consecutive trading sessions through Wednesday, November 11. Broader US spot Bitcoin funds shed nearly $1.44 billion over five sessions, with preliminary Farside Investors figures showing $47.7 million in net outflows for Thursday, November 12.

Market Conditions Amplify Decline

Bitcoin's retreat began at $81,000 the previous Wednesday, with the cryptocurrency falling about 14.7% to $69,081. The October US consumer price index release exceeded expectations, increasing expectations for a half-percentage-point Federal Reserve interest-rate increase in December. The Dollar Index rose above 103, its highest level since April 2025, while the 10-year Treasury yield moved above 5%.

Bitcoin's losses spread across the crypto market, with ether falling below $2,000, XRP trading close to $1, and Solana slipping below $80. More than 170,000 traders suffered liquidations across crypto markets, with Bitcoin accounting for $742 million of the market-wide liquidation total.

Leverage and Sentiment Concerns

Nearly $500 million in futures positions were liquidated around Bitcoin's break below $70,000, with approximately $1.26 billion of the $1.4 billion total coming from long positions. Bitcoin order-book depth across major exchanges fell to $72 million on November 9, approximately 33% below normal, according to Talos.

The Crypto Fear & Greed Index reached 20 on Friday, entering extreme fear and hitting its lowest level in more than four months. Recovery will depend on a rebuild in order-book depth and a turn in capital flows, according to market analysts.