Bitcoin fell below $70,000 to $68,888 at press time, losing 6% of its value amid a sharp selloff across crypto markets. The decline coincided with $856.01 million in total crypto liquidations, with Bitcoin accounting for $454.7 million of that figure. Long positions represented 96% of Bitcoin's liquidations, according to liquidation data.
The broader crypto market declined over 5% in the 24-hour period, with daily Bitcoin trading volume reaching $31.90 billion. Ethereum saw $131.95 million in liquidations, with 91% of those affecting long positions, while other assets experienced $218 million in liquidations.
Institutional Selling Pressure Mounts
Bitcoin ETF outflows totaled $300 million on November 11 and $48 million on November 12, indicating consistent institutional withdrawals from the cryptocurrency market. Meanwhile, miner-to-exchange flows spiked to 2,077 Bitcoin this week, approximately 16 times the 30-day average of 127 Bitcoin.
Demand Indicators Signal Weakness
Monthly spot and futures demand contracted at an accelerating rate, with spot demand at -280K BTC and perpetual futures demand at -82K BTC, totaling -362K BTC in combined contraction. US demand for Bitcoin remained subdued, with the Coinbase Premium Index falling below -4 from 0.8 in September, marking its deepest average since February.
Market sentiment shifted among analysts following the midterm US election results and weak fourth-quarter expectations. Bitcoin's rebound toward $71,000 remained fragile despite some spot demand stabilizing closer to neutral levels, though futures markets continued to be dominated by sellers.
