Bitcoin plunged below $72,000 on Thursday as institutional investors continued withdrawing money from U.S. spot Bitcoin exchange-traded funds (ETFs), triggering renewed concerns about weakening demand and the possibility of a deeper cryptocurrency market correction. Bitcoin fell to approximately $71,448, declining 2.77% over 24 hours, while U.S. spot Bitcoin ETFs recorded $1.44 billion in net outflows across five consecutive trading sessions from November 5 through November 11. BlackRock’s iShares Bitcoin Trust (IBIT) led the withdrawals, losing nearly $270 million on Wednesday alone and approximately $1.77 billion during November. The broader ETF market has now recorded roughly $1.88 billion in net withdrawals this month, while cryptocurrency liquidations exceeded $725 million over 24 hours, according to market data cited by Crypto Times. The selloff comes amid weakening technology stocks, declining institutional risk appetite and concerns that Bitcoin could test the psychologically important $70,000 support level if buying demand fails to recover.
Bitcoin Drops Below $72,000 as Selling Pressure Accelerates
Bitcoin’s latest decline pushed the world’s largest cryptocurrency below a key psychological price level as investors continued reducing their exposure to risk-sensitive assets.
According to CoinMarketCap data cited by Crypto Times, Bitcoin traded near $71,448 at 16:02 UTC on November 12, representing a 2.77% decline over the preceding 24 hours.
The decline reduced Bitcoin’s market capitalization to approximately $1.43 trillion, while reported 24-hour trading volume stood near $27.92 billion.
The move also placed Bitcoin closer to the $70,000 level, which traders are monitoring as a potential area of buying interest.
The market downturn reflects several overlapping pressures rather than a single event.
Institutional investment funds have experienced sustained withdrawals, leveraged traders have faced forced liquidations, and weakness in technology stocks has contributed to a broader retreat from speculative assets.
Key Bitcoin market figures reported on November 12 include:
| Market indicator | Reported figure |
|---|---|
| Bitcoin price | $71,448 |
| 24-hour price change | -2.77% |
| Bitcoin market capitalization | Approximately $1.43 trillion |
| 24-hour trading volume | Approximately $27.92 billion |
| Five-session spot ETF net outflows | $1.44 billion |
| November spot ETF net outflows | $1.88 billion |
| Broader crypto market liquidations | Approximately $725 million |
| Next psychological support area | $70,000 |
These figures reflect market conditions at the time of reporting and may change rapidly as trading continues.
The decline has increased attention on whether Bitcoin can stabilize near current levels or experience another round of selling.
Bitcoin ETFs Lose $1.44 Billion in Five Consecutive Trading Sessions
One of the most significant developments behind the selloff is the continued withdrawal of capital from U.S. spot Bitcoin ETFs.
According to Farside Investors and SoSoValue data, the funds experienced approximately $1.44 billion in combined net outflows between November 5 and November 11.
The withdrawals occurred over five consecutive trading sessions.
On Wednesday, November 11, investors withdrew approximately $299.9 million, extending the negative streak.
The sustained outflows suggest that investors are reducing exposure to Bitcoin through traditional investment products.
Spot Bitcoin ETFs provide investors with a way to gain exposure to Bitcoin’s price without directly managing cryptocurrency wallets or private keys.
When investors purchase shares in these funds, the products generally acquire or maintain Bitcoin exposure through their established custody and investment arrangements.
Conversely, sustained net redemptions can reduce the demand that these investment vehicles generate for Bitcoin.
Recent Bitcoin ETF Outflows
November 5: Approximately $430.2 million in net withdrawals.
November 6: Approximately $411.9 million in net withdrawals.
November 11: Approximately $299.9 million in net withdrawals.
Five consecutive sessions: Approximately $1.44 billion in combined net outflows.
November month-to-date: Approximately $1.88 billion in net outflows.
The five-session total is particularly important because it demonstrates that selling pressure has persisted across multiple trading days.
However, ETF outflows do not necessarily mean that every investor is abandoning Bitcoin.
Some institutions may be rebalancing portfolios, unwinding trading strategies or reducing short-term risk exposure.
The underlying reasons can differ substantially between investors.
BlackRock’s IBIT Leads Withdrawals With $1.77 Billion Leaving in November
BlackRock’s iShares Bitcoin Trust (IBIT) has been the largest contributor to the latest ETF withdrawals.
On November 11, IBIT recorded approximately $269.73 million in net outflows, representing nearly 90% of the industry’s $299.9 million net withdrawal total for that session.
The fund has now experienced nine consecutive trading sessions of net outflows.
According to Crypto Times, approximately $2 billion has left IBIT since October 30.
During November alone, the fund has recorded approximately $1.77 billion in net withdrawals, accounting for about 94% of the wider Bitcoin ETF market’s month-to-date outflows.
These figures are notable because IBIT has been one of the most successful cryptocurrency investment products since U.S. spot Bitcoin ETFs launched in January 2024.
Despite the recent withdrawals, the fund still maintains a substantial historical inflow balance.
IBIT’s reported investment flows include:
November 11 outflows: $269.73 million.
November month-to-date outflows: Approximately $1.77 billion.
Outflows since October 30: Approximately $2 billion.
2026 year-to-date net inflows: Approximately $2.45 billion.
Cumulative net inflows since launch: Approximately $64.5 billion.
This distinction is important.
Although IBIT has experienced significant recent withdrawals, its cumulative inflows remain positive.
The recent selling reflects a reversal in short-term demand rather than the disappearance of the fund’s entire investor base.
Grayscale Records Withdrawals While Morgan Stanley Attracts New Money
Other Bitcoin ETFs also experienced notable activity during the November 11 trading session.
Grayscale Bitcoin Trust (GBTC) recorded approximately $39.13 million in net outflows.
However, not every fund experienced withdrawals.
Morgan Stanley’s Bitcoin Trust (MSBT) attracted approximately $8.96 million in net inflows, making it the only fund in the reported group to record positive net flows that day.
The contrast highlights how investor demand can differ between products even during broader market downturns.
Some investors may be moving capital between funds rather than exiting Bitcoin exposure entirely.
Others may prefer particular issuers based on fees, brokerage relationships, custody arrangements or investment strategies.
Nevertheless, the overall direction of the market remains negative.
The combined withdrawals from BlackRock and Grayscale exceeded the positive flows recorded by Morgan Stanley, leaving the broader ETF category with a substantial daily loss.
For the cryptocurrency market, the more important indicator is the aggregate flow across all spot Bitcoin ETFs.
As long as combined net withdrawals continue, the funds are unlikely to provide the same level of buying support they generated during stronger periods of institutional demand.
Bitcoin ETFs Record $1.42 Billion in Net Outflows for 2026
The recent selling has also affected the broader performance of U.S. spot Bitcoin ETFs during 2026.
According to figures cited by Crypto Times, the category has recorded approximately $1.42 billion in net outflows for the year.
That represents a substantial change from the corresponding period in 2025, when the funds reportedly attracted approximately $25.2 billion in net inflows.
The comparison illustrates how dramatically institutional investment conditions have changed.
During periods of strong demand, ETF inflows can provide an important source of capital entering the Bitcoin market.
When those flows reverse, the market loses a source of incremental buying pressure.
However, the funds’ longer-term performance remains considerably stronger than their recent activity suggests.
According to SoSoValue data cited by Decrypt, U.S. spot Bitcoin ETFs have accumulated approximately $55.1 billion in net inflows since their introduction.
The latest five-session withdrawal total represents approximately 2.6% of those cumulative net inflows.
That means the recent selling is significant without necessarily indicating a complete institutional retreat from Bitcoin.
The challenge is determining whether withdrawals are temporary portfolio adjustments or part of a longer period of declining investor demand.
Bitcoin ETF Assets Fall 45% From October 2025 Peak
Another important indicator involves the total value of assets held by U.S. spot Bitcoin ETFs.
According to data cited by Decrypt, the funds’ combined net assets have fallen to approximately $93.7 billion.
That represents a decline of roughly 45% from their October 2025 peak of $169.5 billion.
However, the decline in assets should not be confused with the amount of money investors have withdrawn.
ETF assets can decrease for two reasons:
Net investor withdrawals: Investors redeem shares, reducing the amount of capital invested in the funds.
Declining Bitcoin prices: The market value of the Bitcoin held by the funds falls, even if investors do not sell their shares.
Both factors have contributed to the reduction in ETF assets.
This distinction matters because a falling asset total does not mean an equivalent amount of cash has been withdrawn.
For example, if a Bitcoin ETF holds the same quantity of Bitcoin but the cryptocurrency’s price declines by 20%, the value of its holdings would also decline by approximately 20%.
The recent combination of falling prices and net redemptions has intensified pressure on the ETF market.
Crypto Liquidations Surge Above $725 Million as Leveraged Traders Get Wiped Out
Bitcoin’s decline has also triggered significant liquidations across cryptocurrency derivatives markets.
According to CoinGlass figures cited by Crypto Times, approximately $725.02 million in cryptocurrency positions were liquidated over 24 hours.
Around 128,103 traders were affected.
The majority of liquidations involved traders who had borrowed money to bet on rising cryptocurrency prices.
These positions are commonly known as leveraged long positions.
When the market moves against a leveraged trader, the value of the collateral supporting the position can fall below the exchange’s required margin level.
The exchange may then automatically close the position to prevent further losses.
Cryptocurrency Liquidation Breakdown
| Liquidation category | Reported amount |
|---|---|
| Total cryptocurrency liquidations | $725.02 million |
| Long position liquidations | $636.74 million |
| Short position liquidations | $88.40 million |
| Traders affected | Approximately 128,103 |
Long positions accounted for approximately 87.8% of the total liquidation value.
This indicates that traders betting on higher prices experienced the greatest losses during the selloff.
The report also cited a narrower liquidation snapshot of approximately $292 million, including around $267 million in long liquidations.
These figures should be understood as separate market-data snapshots or reporting scopes rather than added together.
Liquidation totals can change quickly depending on when the data is collected and which exchanges or assets are included.
Why Liquidations Can Accelerate Bitcoin Price Declines
Liquidations can intensify market volatility because forced position closures may create additional selling pressure.
When Bitcoin falls sharply, traders holding leveraged long positions may be required to add collateral.
If they cannot meet those requirements, exchanges can close their positions automatically.
These forced closures may involve selling assets into an already declining market.
That additional selling can push prices lower, triggering more liquidations.
The result can become a self-reinforcing cycle.
How a Liquidation Cascade Develops
Bitcoin begins falling: Selling pressure pushes the cryptocurrency below an important price level.
Leveraged traders face margin pressure: Long positions lose value as the market declines.
Exchanges liquidate positions: Traders who lack sufficient collateral are automatically closed out.
Additional selling enters the market: Forced closures contribute to further downward pressure.
More positions become vulnerable: Lower prices trigger additional margin calls and liquidations.
Volatility increases: The cycle continues until sufficient buying demand absorbs the selling.
This process helps explain why cryptocurrency markets can experience sharp declines over relatively short periods.
However, liquidations are not necessarily the original cause of a selloff.
They often amplify price movements that begin because of broader changes in investor demand, macroeconomic conditions or market sentiment.
Technology Stock Selloff Adds Pressure to Bitcoin
The Bitcoin downturn has coincided with weakness in U.S. technology stocks and other risk-sensitive investments.
On November 5, the Nasdaq Composite reportedly declined 5.5%, while Bitcoin ETFs experienced approximately $430 million in net outflows.
The simultaneous decline suggests that investors were reducing exposure across multiple markets.
Bitcoin is sometimes described as digital gold because of its fixed supply and decentralized monetary design.
However, its short-term price movements frequently reflect broader financial market conditions.
During periods of heightened uncertainty, investors may reduce holdings in both technology stocks and cryptocurrencies.
This can create stronger correlations between Bitcoin and other speculative assets.
The latest selloff illustrates that Bitcoin remains sensitive to changes in global investor risk appetite.
When institutional investors become more cautious, they may reduce cryptocurrency exposure alongside other volatile investments.
Analysts Warn Bitcoin Is Facing a Shortage of New Buyers
While ETF withdrawals have attracted considerable attention, some analysts believe the more important problem is weakening buying demand.
Greg Cipolaro, head of research at BitGo, warned that Bitcoin has struggled to attract fresh capital despite occasional market rebounds.
According to his analysis, the cryptocurrency’s post-election recovery generated only approximately $75 million in new spot Bitcoin ETF inflows.
That relatively modest amount suggests institutional investors have not been aggressively purchasing Bitcoin during recent price declines.
Cipolaro also pointed to weakening demand for dollar-pegged stablecoins.
The total stablecoin market reportedly contracted 1.9% to approximately $286.3 billion.
Stablecoins frequently serve as a source of trading liquidity within cryptocurrency markets.
A decline in their circulating supply can suggest that capital is leaving the digital asset ecosystem or that fewer funds are available for new purchases.
However, stablecoin supply changes are not a perfect measure of investor demand.
They can also reflect issuer redemptions, changes in payment activity and other market developments.
Nevertheless, the combination of ETF outflows and declining stablecoin supply raises concerns about the availability of fresh buying capital.
Stablecoin Supply Shrinks by $14.2 Billion
Blockchain analytics company Glassnode reported that total stablecoin supply declined by approximately $14.2 billion during the 30 days ending November 9.
According to Decrypt, this represented the fastest contraction since June 2022.
The decline is notable because stablecoins play an important role in cryptocurrency market liquidity.
Traders often use stablecoins to move funds between exchanges, hold dollar-denominated balances and purchase digital assets.
When stablecoin supply expands, it can indicate increasing demand for dollar-based liquidity within the cryptocurrency ecosystem.
When supply contracts, it may indicate that users are redeeming stablecoins for traditional currency or reducing their exposure to cryptocurrency markets.
The latest contraction therefore adds another potential warning sign.
However, it does not automatically mean that all redeemed stablecoins would otherwise have been used to purchase Bitcoin.
The relationship between stablecoin supply and cryptocurrency prices is complex.
Still, analysts are watching the trend because sustained reductions in available liquidity can make it more difficult for markets to absorb large selling orders.
Hedge Funds Unwind Bitcoin ETF Basis Trades
Another factor affecting ETF flows involves changes in institutional trading strategies.
Some hedge funds use a strategy known as the basis trade.
This involves purchasing spot Bitcoin ETF shares while simultaneously selling Bitcoin futures contracts.
The objective is to profit from differences between the spot and futures prices rather than make a direct bet on Bitcoin’s long-term direction.
For example, when Bitcoin futures trade at a meaningful premium to spot prices, a fund may attempt to capture that difference through offsetting positions.
However, the strategy becomes less attractive when the futures premium declines.
According to BitGo’s analysis, the available basis has fallen below certain financing costs, reducing the profitability of the trade.
As a result, some hedge funds may be closing both sides of their positions.
This can create ETF outflows even when investors are not necessarily becoming more bearish about Bitcoin’s long-term prospects.
The distinction is important because institutional ETF demand includes several different types of activity.
Not every ETF purchase represents a long-term investment, and not every redemption represents a permanent rejection of Bitcoin.
Nevertheless, unwinding basis trades can remove a meaningful source of demand from the ETF market.
Bitcoin’s $70,000 Level Becomes Critical for Traders
With Bitcoin trading below $72,000, attention has shifted toward the $70,000 price level.
Round-number price levels often become psychologically important because traders use them when placing orders and evaluating market sentiment.
However, $70,000 is not a guaranteed support level.
Its significance depends on whether sufficient buying demand emerges as Bitcoin approaches it.
A sustained move below $70,000 could increase concerns about further downside, particularly if ETF outflows and leveraged liquidations continue.
Conversely, a recovery above recently broken price levels could improve short-term sentiment.
Bitcoin Price Levels Being Watched
| Price level | Market significance |
|---|---|
| $80,000 | Potential recovery target in bullish scenarios |
| $75,000–$76,000 | Area associated with recent investor cost-basis and price recovery discussions |
| $73,000 | Recently breached trading level |
| $72,000 | Psychological level lost during November 12 selloff |
| $70,000 | Major psychological support area |
| $62,000–$56,000 | Deeper bearish targets proposed by some independent traders |
These levels represent areas discussed by market analysts rather than guaranteed future prices.
Bitcoin could move through them rapidly depending on trading activity, liquidity and broader financial conditions.
Analysts Disagree on Whether Bitcoin Will Rebound or Fall Further
Market analysts remain divided about Bitcoin’s next move.
Cryptocurrency trader Aralez suggested that Bitcoin could experience another decline toward $70,000 before recovering.
Under that scenario, the market would briefly move lower, potentially triggering additional selling and liquidations, before attracting renewed buying demand.
The trader suggested that a successful recovery could eventually push Bitcoin above $80,000, with $100,000 representing a longer-term upside target.
However, that outlook is speculative.
Other analysts have adopted a more bearish position.
Trader Bitmonk pointed to Bitcoin’s repeated formation of lower price highs and its failure to sustain recent rebounds.
The analyst suggested that Bitcoin could fall toward $62,000 to $56,000 by December 2026.
That forecast reflects the trader’s interpretation of market conditions rather than a confirmed outcome.
The disagreement highlights how uncertain Bitcoin’s short-term direction has become.
Bullish analysts believe the current selloff could create an opportunity for renewed accumulation.
Bearish analysts argue that persistent ETF withdrawals, weak demand and declining price momentum could lead to further losses.
Both scenarios depend heavily on whether new buying interest returns.
Institutional Investors May Be Reassessing Bitcoin Allocations
The recent downturn is particularly important because Bitcoin’s investment landscape has changed substantially since the introduction of U.S. spot ETFs in January 2024.
Institutional investors can now access Bitcoin through products offered by major financial firms, including BlackRock, Fidelity, Grayscale and Morgan Stanley.
These products have expanded Bitcoin’s accessibility within traditional brokerage and investment accounts.
However, institutional participation also exposes Bitcoin to portfolio management decisions influenced by broader financial conditions.
Investment managers may reduce cryptocurrency allocations when volatility increases or when their clients become more risk-averse.
They may also rebalance portfolios after significant price changes.
According to Tim Sun, a senior researcher at HashKey, the recent ETF withdrawals appear consistent with investors reducing risk exposure rather than necessarily abandoning Bitcoin’s long-term investment case.
Sun noted that the five-session outflows represent a relatively small portion of the funds’ cumulative historical inflows.
However, he also warned that the absence of fresh buying demand could become a more serious problem if it persists.
The distinction matters because markets can remain under pressure even without a dramatic wave of investor exits.
If fewer buyers are willing to purchase Bitcoin at prevailing prices, relatively modest selling activity can still produce substantial declines.
Bitcoin Market Faces Important Test Heading Into December
Bitcoin’s next major challenge will be determining whether institutional demand can stabilize.
The cryptocurrency market is approaching the end of 2026 with several unresolved concerns.
Spot ETF withdrawals have accelerated, stablecoin liquidity has contracted, and leveraged traders have suffered significant losses.
At the same time, investors are monitoring U.S. economic data and expectations surrounding the Federal Reserve’s December 8–9 meeting.
Changes in interest rate expectations can influence investor appetite for risk-sensitive assets.
Higher expected interest rates may reduce the appeal of speculative investments by increasing the attractiveness of lower-risk interest-bearing assets.
Conversely, improving liquidity conditions or stronger demand for risk assets could help support Bitcoin.
Several indicators will be important over the coming weeks:
Spot Bitcoin ETF flows: Whether funds return to net inflows after five consecutive negative sessions.
BlackRock IBIT activity: Whether the fund’s nine-session redemption streak ends.
Bitcoin price stability: Whether BTC can hold near $70,000 and recover previously lost levels.
Stablecoin supply: Whether liquidity within the cryptocurrency ecosystem begins expanding again.
Derivatives liquidations: Whether leveraged selling pressure continues.
Technology stock performance: Whether broader risk markets stabilize.
Federal Reserve expectations: Whether economic developments change investors’ outlook for interest rates.
No single indicator will determine Bitcoin’s direction.
However, sustained improvements across several measures could help restore market confidence.
Bitcoin’s $1.44 Billion ETF Selloff Signals Growing Institutional Caution
The November 12 decline below $72,000 marks another difficult period for Bitcoin as institutional investors continue reducing exposure through U.S. spot ETFs.
The funds recorded approximately $1.44 billion in net withdrawals across five consecutive trading sessions, bringing November’s losses to roughly $1.88 billion.
BlackRock’s IBIT accounted for most of the recent selling, while broader cryptocurrency liquidations exceeded $725 million.
The combination of ETF redemptions, leveraged liquidations and declining stablecoin liquidity has intensified concerns about weakening demand.
However, the recent withdrawals remain relatively small compared with the approximately $55.1 billion in cumulative net inflows recorded by U.S. spot Bitcoin ETFs since their introduction.
That distinction suggests the market is experiencing significant short-term pressure without conclusively demonstrating a complete institutional withdrawal from Bitcoin.
The immediate focus now shifts to whether Bitcoin can stabilize around $70,000 and whether fresh buying demand returns.
A sustained recovery would likely require improvements in ETF flows, broader market sentiment and cryptocurrency liquidity.
Continued withdrawals and additional leveraged liquidations could instead increase the risk of a deeper correction.
Bitcoin’s latest selloff demonstrates how closely the cryptocurrency market has become connected to institutional investment flows and traditional financial conditions. With BlackRock leading nearly $1.8 billion in November ETF withdrawals and Bitcoin falling below $72,000, the coming weeks could determine whether the market finds support near $70,000 or enters another period of sustained selling pressure.
