Bitcoin Slides Below $69,000 as $14.2 Billion in Stablecoin Capital Exits

Bitcoin fell below $69,000 on Nov. 12, capping an eight-day decline of more than 14 percent that has erased the token's post-election-week gains and dragged the broader coin market to 12-week lows. The largest cryptocurrency traded at $69,399 on Binance's Tether market as of Nov. 12, down roughly 6 percent from a day earlier, after touching an intraday low of $68,943 — its weakest level since Aug. 20, or 85 days.

The decline began from the $80,000 range on Nov. 5. Bitcoin lost the $70,000 level during the slide and managed only a partial recovery by the Nov. 12 session close. A 14 percent drawdown over eight trading days equates to a pace of capital destruction the market has rarely absorbed outside of outright deleveraging events.

How deep does the selloff run across major tokens?

The weakness is not confined to Bitcoin. Ether fell about 4.5 percent to $1,960, Solana dropped 4.7 percent to $79, and XRP declined approximately 3.3 percent to $1.01. All three tokens reached their lowest levels since Aug. 19 — an 86-day low, according to market data.

That breadth matters for market structure. When the four largest assets by liquidity fall in tandem, there is no rotation into alternative tokens cushioning the drawdown; capital is exiting the asset class rather than reallocating within it.

Why is buying interest failing to absorb the selloff?

On-chain analytics firm CryptoQuant said leverage across the market is declining, but spot demand has not recovered consistently. The firm's assessment carries a blunt implication: a sustained rebound will require new buyers rather than simply fewer sellers.

Glassnode, another on-chain analytics provider, said in a Nov. 11 report that stablecoin supply fell by $14.2 billion over the 30 days through Nov. 9. The firm read that contraction as evidence of capital leaving the market. A $14.2 billion monthly outflow is roughly one-fifth of the decline Bitcoin itself recorded over the same period — the settlement liquidity that fuels crypto trading is shrinking alongside prices.

What macro pressures are weighing on the market?

Concern over additional US monetary tightening continues to weigh on investor sentiment. The US consumer price index for October rose 0.4 percent from a month earlier, topping the 0.3 percent forecast. The yield on the 10-year Treasury rose to 5.12 percent on Nov. 12.

Equity-market stress is compounding the pressure, per the report. Nvidia shares closed down 4.34 percent in the aftermath of Chief Executive Officer Jensen Huang's resignation, and uncertainty surrounding the chipmaker's management has added to risk-off sentiment across speculative assets.

What comes next?

The report's framework offers a clear test: absent a recovery in stablecoin supply or consistent spot demand, the market lacks the fuel for a durable rebound. Traders will be watching whether the next inflation prints and Treasury yield moves ease tightening fears — the variable that set this selloff in motion.

By Elena Vasquez