Bitcoin price briefly dipped below $62,000 during a weekend selloff before recovering above $65,000. As of November 15, BTC traded near $65,900, down 1.8% over 24 hours, according to CoinGecko data. The decline represents a significant pullback from the cryptocurrency's peak of approximately $81,000 on November 4.
The selling pressure extended across the broader crypto market. Ethereum fell near $1,800, while XRP approached $0.90. The overall crypto market lost more than $300 billion in value between Thursday and Sunday.
ETF Withdrawals and Forced Liquidations Mount
U.S. spot Bitcoin ETFs recorded $1.91 billion in net outflows across seven consecutive trading sessions through November 13, according to SosoValue data. Friday's withdrawals totaled $185.4 million, with BlackRock's IBIT accounting for $143.5 million of that figure.
Liquidations added further pressure to the market. CoinGlass data showed approximately $2.02 billion in liquidations across all cryptocurrencies during a 24-hour period. Bitcoin positions represented roughly $750 million of that total, with nearly $600.5 million coming from forced closures of bullish leveraged bets. These forced liquidations can cascade, triggering additional selling as positions are automatically closed.
Ethereum ETFs also experienced outflows of $398.9 million from November 9 through 13, according to Farside data, with a small $2.3 million inflow on Friday.
Multiple Pressures Cited for Market Weakness
Tom Lee, chairman of BitMine, suggested several possible factors behind the selling pressure. He cited weakness in artificial intelligence and semiconductor stocks, particularly Nvidia, which may have triggered margin calls for retail investors in Asia.
Lee also pointed to Anthropic's planned initial public offering, with trading expected to begin on November 19. He suggested investors may be selling crypto assets to raise cash for shares, though no public data shows the scale of such sales.
Additional pressure may stem from Binance customers managing returned assets following the exchange's October hack, which Chainalysis estimated at $6.4 billion. Lee suggested some customers may be converting recovered crypto into cash or stablecoins, though recovery figures do not indicate how much has subsequently been sold.
Lee listed other potential contributors, including concerns about artificial intelligence disrupting cybersecurity and U.S. scrutiny of chip exports to Asia.
Price Outlook and Technical Levels
Bitcoin price remains below the 67,800–68,000 resistance zone that traders are monitoring. A further decline toward $62,000 would test the recent low. A break below that level could bring $60,000 into focus, while a recovery above resistance could improve market sentiment.
Despite the recent decline, Lee maintained his view that crypto could enter another long-term supercycle. BitMine reported holding 6.07 million ETH as of November 9, representing 4.97% of total supply, with 5.23 million staked.
