Bitcoin Falls Below $64,000, Heads for Sixth Straight Weekly Loss
Bitcoin dropped to $63,403.1 on Saturday, November 14, its weakest level since August, as U.S. spot ETFs logged a seventh straight day of outflows and traders faced $1.47 billion in liquidations. The coin is down more than 20% since late October.
Bitcoin fell below $64,000 on Saturday, November 14, leaving the world's largest cryptocurrency down more than 20% since late October. It is on track for a sixth consecutive weekly loss.
The coin was down 6.55% at $63,800.5 as of 17:15 ET (22:15 GMT). It touched an intraday low of $63,403.1, its weakest level since August.
ETF money keeps leaving
U.S. spot Bitcoin exchange-traded funds, which let investors hold the coin through a regular brokerage account, lost $185.45 million on Friday, according to SoSoValue data. That was the seventh straight trading session of net withdrawals.
Cumulative outflows since November 5 reached about $1.91 billion.
Leveraged traders squeezed
Falling prices have forced out traders who borrowed to bet on a rise. Crypto exchanges liquidated $1.47 billion in positions over 24 hours, CoinGlass data showed. Bullish bets made up $1.31 billion of that, and Bitcoin accounted for around $677 million.
Single-day Bitcoin liquidations above $500 million have become a recurring feature of the market, according to the data.
Pressure from outside crypto
Anthropic's planned public offering is a possible drain on liquidity. The AI company is seeking to raise as much as $64.4 billion, and reported demand for its shares is six times the supply available.
A tech-sector selloff, including turmoil over Nvidia's leadership, has added to the pressure. Nvidia has fallen more than 30% from its October record, putting its valuation at about 12 times expected earnings, the lowest since 2012.
MSCI, the index provider, will remove Bitcoin treasury company Strategy from its indexes on November 30. That has raised concerns about selling by passive funds that track those benchmarks.
Binance breach and recovery talk
Investors are still weighing the $6.3 billion Binance security breach in October. The exchange and the FBI have linked it to North Korea, which has denied responsibility.
Binance said on Saturday it had reopened withdrawals across 87 networks this week. It aims to restore all remaining networks and assets by the end of next week, and says it has covered 95% of the stolen tokens and will reimburse customers in full.
Strive CEO Matt Cole pointed to a possible precedent. Bitcoin fell 19% ahead of SpaceX's IPO, versus a fall of about 18% before Anthropic's planned listing, and it recovered after the SpaceX offering. A repeat is not assured.
Grayscale research found Bitcoin explained roughly half of crypto-sector return variations over three years. Six different cryptocurrencies among the 10 largest non-stablecoin assets led quarterly performance over the past two years, and Bitcoin led none.
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