Key Takeaways
- • Bitcoin briefly fell below $70,000 on Nov. 13, 2026, its lowest level since August, after rebounding to the $81,000 range on Nov. 4 without follow-through buying.
- • Stablecoin balances on exchanges fell from more than $60 billion in late October to about $49 billion, versus roughly $75 billion in April, signaling shrinking purchasing power on exchanges.
- • US spot Bitcoin ETFs recorded net outflows for five consecutive trading days (Nov. 5 to Nov. 11) totaling $1.44 billion, per Farside Investors data, with BlackRock's IBIT accounting for about $270 million of the Nov. 11 outflow.
- • Binance Bitcoin futures open interest fell about 17% in roughly a month, from $10.6 billion to $8.8 billion, indicating leveraged positions are unwinding rather than new buying returning.
- • Analysts say a durable bottom requires stablecoin balances to stabilize, the Coinbase Premium Index to improve, and ETF outflows to halt.
Summary
Bitcoin briefly fell below $70,000 on Nov. 13, reaching its lowest level since August, according to the source article. The price had rebounded to the $81,000 range on Nov. 4, but buying did not follow through, and by Nov. 12 it had dropped rapidly from around $74,000 to the $71,000 level. Market participants are focusing less on the price decline itself than on the capital outflows behind it.
Stablecoin balances held on exchanges declined from more than $60 billion in late October to about $49.6 billion on Nov. 9, and have since shrunk to roughly $49 billion. That compares with about $75 billion in April. Because stablecoins serve as purchase funds for crypto assets and as collateral for futures trading, the decline reflects a contraction in potential purchasing power on exchanges, and is being viewed as a trend spanning several months.
US spot Bitcoin ETFs posted net outflows for five consecutive trading days from Nov. 5 to Nov. 11, totaling $1.44 billion according to Farside Investors. Outflows on Nov. 11 alone reached $299.8 million, including about $270 million withdrawn from BlackRock's IBIT, the largest fund by assets under management. Provisional figures showed a further $47.7 million outflow on Nov. 12, though that number excludes asset managers that have not yet reported.
Derivatives data show position unwinding. According to CryptoQuant analyst Darkfost, Binance's Bitcoin futures open interest fell about 17% in roughly a month, from $10.6 billion to $8.8 billion. Coinbase Premium Index readings remained negative from October into November, dipping to around minus 0.27 at the end of October and recently standing near minus 0.12, which suggests US-side buying demand has not returned.
The source article attributes the decline partly to the macro backdrop. Policy uncertainty following the US midterm elections and a Nov. 10 Consumer Price Index release above expectations (headline up 0.4% month-on-month, core up 0.3%) raised concern about prolonged monetary tightening, while higher rates and a stronger dollar weighed on risk assets. CoinDesk, in its coverage headlined 'Bitcoin falls below $70,000 as dollar surges and $1.6 billion liquidated,' likewise linked the move to a strengthening dollar and roughly $1.6 billion in crypto liquidations. Ethereum also fell to around $2,000. The article argues macro factors alone do not explain Bitcoin's weakness, since its rebound lagged even when stock markets recovered.
Some indicators are being read as possible bottoming signals. Binance's taker buy/sell ratio reached 0.85, its lowest in more than a year, which Darkfost suggests could precede a short-term rebound. However, the article notes that liquidations of about $1.64 billion this week were roughly 89% longs, and that forced long closures register as taker selling, so the ratio may partly reflect margin-engine activity rather than conviction. Deribit's DVOL index stood at 40.77, which the article characterizes as consistent with a gradual decline rather than low fear.
The source article identifies the key test as whether prices stop falling while selling continues at the same scale. It also notes that fund holdings of roughly 1.3 million BTC are a stock rather than a flow, and that the $1.44 billion ETF outflow equates to about 20,000 BTC, or roughly 1.5% of that balance. A sustained recovery would require spot buying to broaden beyond futures short covering.
Stablecoin balances held on exchanges declined from more than $60 billion in late October to about $49.6 billion on Nov. 9, and have since shrunk to roughly $49 billion. That compares with about $75 billion in April. Because stablecoins serve as purchase funds for crypto assets and as collateral for futures trading, the decline reflects a contraction in potential purchasing power on exchanges, and is being viewed as a trend spanning several months.
US spot Bitcoin ETFs posted net outflows for five consecutive trading days from Nov. 5 to Nov. 11, totaling $1.44 billion according to Farside Investors. Outflows on Nov. 11 alone reached $299.8 million, including about $270 million withdrawn from BlackRock's IBIT, the largest fund by assets under management. Provisional figures showed a further $47.7 million outflow on Nov. 12, though that number excludes asset managers that have not yet reported.
Derivatives data show position unwinding. According to CryptoQuant analyst Darkfost, Binance's Bitcoin futures open interest fell about 17% in roughly a month, from $10.6 billion to $8.8 billion. Coinbase Premium Index readings remained negative from October into November, dipping to around minus 0.27 at the end of October and recently standing near minus 0.12, which suggests US-side buying demand has not returned.
The source article attributes the decline partly to the macro backdrop. Policy uncertainty following the US midterm elections and a Nov. 10 Consumer Price Index release above expectations (headline up 0.4% month-on-month, core up 0.3%) raised concern about prolonged monetary tightening, while higher rates and a stronger dollar weighed on risk assets. CoinDesk, in its coverage headlined 'Bitcoin falls below $70,000 as dollar surges and $1.6 billion liquidated,' likewise linked the move to a strengthening dollar and roughly $1.6 billion in crypto liquidations. Ethereum also fell to around $2,000. The article argues macro factors alone do not explain Bitcoin's weakness, since its rebound lagged even when stock markets recovered.
Some indicators are being read as possible bottoming signals. Binance's taker buy/sell ratio reached 0.85, its lowest in more than a year, which Darkfost suggests could precede a short-term rebound. However, the article notes that liquidations of about $1.64 billion this week were roughly 89% longs, and that forced long closures register as taker selling, so the ratio may partly reflect margin-engine activity rather than conviction. Deribit's DVOL index stood at 40.77, which the article characterizes as consistent with a gradual decline rather than low fear.
The source article identifies the key test as whether prices stop falling while selling continues at the same scale. It also notes that fund holdings of roughly 1.3 million BTC are a stock rather than a flow, and that the $1.44 billion ETF outflow equates to about 20,000 BTC, or roughly 1.5% of that balance. A sustained recovery would require spot buying to broaden beyond futures short covering.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.