Bitcoin Falls to $62,112 as Funds See $2.35 Billion in Outflows Over Two Weeks
Key Facts
Bitcoin fell to $62,112 in Asian trading on November 15, its lowest level since July 14, after dropping 5.7% in the U.S. session on November 14 and declining a further 3.6% in Asia, according to Bloomberg, as reported by The Straits Times. The decline coincided with net outflows of $2.35 billion from U.S. spot Bitcoin exchange-traded funds over two weeks, according to The Block. The funds’ tally covered nine trading sessions in November through November 14, making the figure a two-week total rather than a full-month tally. It was the largest two-week outflow total since the period ended June 5, when the funds saw $3.14 billion withdrawn. Price and flow pressures coincided with rising liquidations of leveraged positions in a market also watching the path of U.S. interest rates.
Outflows from spot Bitcoin funds reached $1.07 billion in the latest trading week, marking the second consecutive week in which redemptions topped $1 billion, according to The Block. The exodus extended for seven consecutive trading days starting November 5, with outflows totaling $1.91 billion through November 13. This was the longest run of outflows since a 10-session stretch from June 17 to July 1, during which the funds saw about $2.71 billion withdrawn. The comparison shows that pressure on the funds was concentrated in a continuous run of sessions, alongside the large weekly total. The report did not establish that the outflows resulted from investors moving money into Anthropic’s IPO.
On November 13, the decline in cryptocurrencies coincided with a stronger dollar and markets pricing in the possibility that the Federal Reserve would raise interest rates in December, according to CoinDesk. Crypto liquidations totaled $1.64 billion over 24 hours, including $916 million in Bitcoin positions. Long positions accounted for 88.7% of liquidations during that period, according to the report. On November 15, Investing.com estimated crypto liquidations at about $2 billion over 24 hours through Sunday morning in Singapore. That period’s total included $774 million in Bitcoin and $488 million in Ether, figures covering a different period from the November 13 liquidations.
Rich Rosenblum, co-founder of GSR, described the decline as a technical move, saying Bitcoin broke below its 200-day moving average, which stood at about $73,000, triggering liquidations and opening new short positions. A Bloomberg report said Bitcoin had lost about 25% since October 21, while its 2026 low to the report date was $57,742 on July 1. The report also cited expectations for higher interest rates, outflows from U.S. spot Bitcoin funds, AI-related risk aversion and the fallout from the Binance hack among factors weighing on the crypto market. Richard Galvin, executive chairman of DACM, said price performance resembled what happened during the pricing period for the SpaceX IPO earlier in the year. He added: "Crypto appears to remain a short-term source of funding, particularly for retail investors." An Investing.com report said Anthropic’s IPO order books drew bids equal to six times the shares available, but sources did not specify how much capital moved from crypto into the offering.
Attention turns on November 17 to a speech by Federal Reserve Chair Kevin Warsh, scheduled for 12 p.m. at the Federal Reserve Bank of San Francisco’s Workforce and Productivity Task Force conference, according to the central bank’s schedule. The same day, the U.S. October retail sales report is due, the Associated Press reported. Economists expected sales to rise 0.2% in October, following increases of 0.8% in September and 1.3% in August. The data and timing of Warsh’s speech put interest-rate expectations and the dollar among the near-term watchpoints for digital-asset traders. Investors may watch how the economic activity figures affect monetary-policy pricing as market pressure coincides with fund outflows and position liquidations.