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Richard Teng, CEO of Binance, posted on X on November 15 that the recent decline in Bitcoin prices is a standard market response to tightening economic conditions and shifting sentiment regarding artificial intelligence financing. The exchange’s chief executive stated that short-term pressure across markets is a normal reaction to these macro factors, while asserting that the long-term case for Bitcoin and crypto remains intact.
As of 14:03 UTC, Bitcoin traded at $65,338, -1.7% over 24 hours, with $55.6 billion in 24-hour volume.
Heavy selling on US exchanges
Binance Research data highlights a significant divergence in trading activity between US and global platforms during the recent downturn. Between November 11 and 14, the firm recorded 7,438 BTC in net aggressive selling on a major dollar-denominated spot exchange. During that same four-day window, Binance itself saw 2,707 BTC in net aggressive selling. The gap between the two venues amounted to 4,731 BTC, meaning the dollar-based exchange experienced approximately 2.75 times more net selling than Binance.
The research team noted that this disparity is unusual given that Binance typically handles larger trading volumes. The Coinbase Premium Index, which measures the price difference between US and global markets, remained negative for 51 consecutive days through November 13. On that date, Bitcoin traded at a 0.10% discount on Coinbase compared to Binance. Binance Research linked these trends to broader concerns over interest rates, dollar liquidity, and the sustainability of AI investment.
ETF outflows and liquidations
Bitcoin dropped 15.6% over an 11-day period, marking its steepest comparable selloff since June. During this stretch, perpetual contracts tracking Nebius Group (ticker NBIS) fell 27.5%. The cryptocurrency lost key support levels, including the $70,000 mark and its 200-week moving average. A CoinGlass snapshot from November 15 showed approximately $1.96 billion in cryptocurrency liquidations over the preceding 24 hours. Bitcoin accounted for nearly $750 million of those liquidations, with roughly $600.5 million involving long positions.
US spot Bitcoin ETFs also saw substantial capital exit the market. Farside Investors recorded $1.91 billion in net outflows from these funds between November 5 and November 13. The week of November 9 to 13 accounted for $1.065 billion of those withdrawals. On Friday, US spot Bitcoin ETFs lost $185.4 million, with BlackRock’s IBIT fund shedding $143.5 million and Fidelity’s FBTC fund losing $41.9 million. Cryptocurrency ETFs collectively lost $1.53 billion during the week, while Ethereum funds contributed $398.9 million in withdrawals.
BitMine Chairman Tom Lee suggested that investors may have sold cryptocurrency to raise cash for Anthropic’s planned IPO. Meanwhile, Yi He noted that institutional infrastructure continues to mature, describing the volatility as part of the process of a maturing market. Bitcoin was trading at $65,300, down nearly 3% in the last 24 hours, after hitting a low of $62,081 during the Sunday session. US spot Bitcoin ETFs were closed during the weekend decline, with the next trading session scheduled for Monday, November 16. Nvidia’s earnings report is set for November 17, a date identified as a key development to watch following Jensen Huang’s resignation as CEO of the chipmaker.
