Bitcoin fell below $63,000 on Sunday, November 15, declining to approximately $62,080.91 according to CoinGecko data, marking its weakest price in four months. Although the cryptocurrency recovered above $65,000 after reaching its lowest level, it remained down nearly 15% over the previous seven days.
The downturn extended across the broader cryptocurrency market. Ethereum declined 19.5% over the week, while Solana recorded a 20.7% loss. The total cryptocurrency market capitalization fell approximately 4% over 24 hours to $2.26 trillion, reflecting the scale of the correction.
Institutional Demand Weakens
US spot Bitcoin exchange-traded funds recorded approximately $2.35 billion in combined net outflows over the two weeks ending November 13. The funds lost around $1.07 billion during the latest week, following $1.28 billion in withdrawals during the previous week.
The withdrawals extended Bitcoin ETFs' negative streak to seven consecutive trading sessions. BlackRock's iShares Bitcoin Trust (IBIT) also recorded its 11th consecutive session of outflows on Friday.
Sentiment Reaches Extreme Fear Levels
Investor sentiment deteriorated alongside prices. The Crypto Fear & Greed Index dropped to 10 on Sunday, down from 13 on Saturday and 20 on Friday, placing the market firmly in the extreme fear category.
The extreme fear reading suggests that investors are becoming increasingly defensive and less willing to take risks. However, such low sentiment levels do not necessarily indicate that prices have reached their lowest point.
Market Outlook
Bitcoin's recovery above $65,000 offers some indication that buyers remain active, but the cryptocurrency faces continued pressure from persistent ETF withdrawals and deteriorating sentiment. Altcoins are experiencing steeper losses than Bitcoin, suggesting that a broader improvement in market conditions may be necessary before a sustained recovery develops.
