Bitcoin Falls Below $64,000 as Funds See $185.45 Million in Outflows
Key Facts
Bitcoin fell below $64,000 on November 14, extending its decline to more than 20% since late October, as it headed for a sixth consecutive weekly loss, according to Investing.com. These figures provide background to trading around the story on November 15, while the price-gain and liquidation figures in TokenPost’s report that day could not be verified. Confirmed information does not include figures for bitcoin’s price movement or liquidations on November 15. The currency’s fall below $64,000 extended the downturn that began in late October. The consecutive weekly loss also reflected continued pressure on the market through the end of the week ending November 14.
The decline coincided with continued outflows from US spot bitcoin funds. The funds recorded net outflows of $185.45 million on Friday, November 13, according to Investing.com. That total extended the withdrawal streak to 7 consecutive trading sessions through that date. Continued outflows place fund performance in the context of market weakness in previous days, alongside bitcoin’s decline on November 14. The available information does not include a more recent outflow total than Friday’s session.
In a broader assessment of market conditions, Coinbase Institutional said futures were pricing in about 64 basis points of rate increases over the following twelve months on November 13. That pricing was up from 37 basis points at the start of the month, according to the firm. The shift means market interest-rate expectations became more hawkish during the period. Coinbase Institutional noted that bitcoin topped $80,000 on November 4 before falling 5.5% the following day amid concerns tied to the semiconductor sector. These milestones show price volatility during November, with bitcoin topping $80,000 before retreating sharply the next day.
Coinbase Institutional also said stablecoin supply fell by $11.5 billion in the thirty days through November 13, describing the decline as the largest recorded up to that point. The drop adds context on liquidity in the cryptocurrency market during the same period that spot bitcoin funds saw outflows. The decline in supply coincided with rate-hike pricing rising to 64 basis points over the following twelve months, compared with 37 basis points at the start of November. Available information did not specify how the decline was distributed among stablecoins or its direct quantitative effect on bitcoin’s price. It does, however, establish that the supply decline coincided with continued fund withdrawals in the days before the story.
In its assessment of upcoming levels, Coinbase Institutional said that if the price remains below $73,000, a move toward a potential support range of $66,000 to $68,000 becomes more likely, according to its assessment issued on November 13. It added that a recovery into the $73,000 to $75,000 range could make a return toward $80,000 more likely in the days following that assessment. Both paths remain tied to the price levels identified by the firm and are not confirmed outcomes. The assessment came after bitcoin topped $80,000 on November 4 and then fell 5.5% the following day amid semiconductor concerns. Confirmed information does not provide figures for bitcoin’s movement on November 15 that would establish where it stood relative to those levels.