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Bitcoin nears $70,000 as ETF outflows and stablecoin drop weigh

Bitcoin is testing the $70,000 level as ETF outflows and a $14.2 billion stablecoin drop weigh on demand. Options traders put the odds of a fall below $70,000 by Christmas at 31%, while some large holders keep buying.

Illustration: A single physical bitcoin coin with the Bitcoin logo stands on its edge on a smooth coral surface, tipped slightly as if about to roll off a small ledge.
Illustration

Bitcoin is getting closer to $70,000 as investors withdraw cash from US spot Bitcoin exchange-traded funds (ETFs). These funds hold the coin directly and trade on stock exchanges like shares. Money has flowed out for five days in a row, and by Wednesday the total reached $299.8 million. Nearly all of it came from the iShares Bitcoin Trust run by BlackRock (IBIT), so a single fund accounts for most of the selling.

Bitcoin has hovered near $74,000 while US stocks rose despite a rebound in US bond yields, a bond yield being the return investors earn on government debt. The coin has also dropped below $73,000 as the wider crypto market sold off. Solana fell to a three-month low in the same sell-off.

Bitcoin$68,940down −17.05%over 1 month
$84,082$68,94314 Oct13 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

The supply of stablecoins, tokens designed to hold a steady value against a currency such as the dollar, has also shrunk sharply. It fell by $14.2 billion over the past month, the steepest drop since June 2022. Bitcoin's apparent demand fell by 284,000 BTC, a level approaching what was seen during the March 2025 market turmoil.

Illustration: Seen from above, rows of plain unbranded coin-shaped tokens in teal and cream are laid out on a coral table, with a few gaps in the rows and several tokens in a small tray being carried away, suggesting money flowing out of a fund.
Illustration

Activity among holders is uneven. Some large holders, often called whales, have been buying coins while ETF investors keep selling. Short-term holders, who bought recently, moved about 47,000 BTC, worth $3.6 billion, to exchanges at a loss.

Options traders priced a 31% chance that Bitcoin falls below $70,000 by Christmas. Over the same period, ARK Invest trimmed its positions in Block and Bullish as the outflows continued. Hot US inflation has also been linked to crypto liquidations, which are forced sales of positions funded with borrowed money.

Dogecoin, a meme coin, was at $0.068 after a 2.88% fall on Tuesday, more than Bitcoin's 2.08% decline over the same session. Glassnode data through November 9 shows narrow accumulation, meaning net buying was small, while ETF withdrawals ran through November 10. For people holding crypto, these swings show how quickly values can move.

$1,000 in Bitcoin

Had you put $ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

GuideCrypto Fear and Greed Index today: how fearful or greedy the crypto market is

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This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

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