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Bitcoin traded at $62,081 on November 15, marking a 23 percent decline from its peak on November 4. The price action occurred as US spot Bitcoin exchange-traded funds recorded $1.91 billion in net outflows over seven consecutive trading sessions ending November 13. Farside Investors tracked these withdrawals, noting that the period from November 5 to November 13 saw the bulk of the capital exit. The immediate drop wiped out approximately $11,000 in value per coin over a three-day span, contributing to an estimated $800 billion loss in combined digital asset market value since October 6, according to The Kobeissi Letter.
As of 13:28 UTC, Bitcoin traded at $65,613, -1.6% over 24 hours, with $56.1 billion in 24-hour volume.
Market Liquidity and Inflation Data
Market pressure intensified after stronger inflation readings released in October. Consumer prices rose 0.4 percent from September, while core inflation increased 0.3 percent, both figures exceeding market expectations. As of November 13, futures markets priced in 64 basis points of Federal Reserve rate increases over the following year, up from 37 basis points at the beginning of the month. This shift in monetary policy expectations aligned with a sharp sell-off in technology stocks on November 5. The Nasdaq index declined approximately 5.5 percent that day, while semiconductor stocks dropped around 12 percent. Bitcoin mirrored this volatility, losing 5.5 percent during the same session. Coinbase Institutional reported that the combined circulating supply of USDT, USDC, and DAI had contracted by $11.5 billion over the preceding 30 days. The firm also recorded an average negative Coinbase premium of 0.13 percent, indicating persistent selling pressure relative to global prices.
Liquidations and Corporate Moves
Liquidation data from CoinGlass showed approximately $1.96 billion in cryptocurrency positions closed out over the 24 hours leading up to November 15. Bitcoin accounted for nearly $750 million of this total, with around $600 million involving long positions. The Kobeissi Letter highlighted the speed of these moves, reporting more than $900 million in liquidations within a four-hour window. Corporate actions added to the supply overhang. MARA Holdings disclosed the sale of 13,597 BTC for approximately $1.1 billion following its third-quarter period. The company used $750 million from these proceeds to repay Bitcoin-backed loans. On the regulatory front, MSCI confirmed on November 11 that Strategy would be removed from its major equity indexes effective after the November 30 close. The political landscape also shifted following the November 3 midterm elections, which handed Democrats control of both the House of Representatives and the Senate. Although Bitcoin initially dropped toward $75,600 as results emerged, it recovered above $78,000 and reached approximately $81,000 on November 4. Subsequent events, including Nvidia’s announcement on November 12 that CEO Jensen Huang had resigned, caused Nvidia shares to fall 12 percent at the open, dragging Bitcoin below $72,000. Tom Lee, chairman of BitMine, suggested that investors might be selling cryptocurrency to raise capital ahead of Anthropic’s planned IPO or following Binance’s October hack. Bitcoin later recovered toward $65,400 but remained below the $70,000 level after the Friday breakdown. The Kobeissi Letter stated that crypto is in desperate need of a new catalyst.
