Bitcoin Slides Under $70,000 as ETF Outflows Hit $1.9 Billion

Bitcoin fell below $70,000 for the first time since mid-August on Nov. 13, sliding more than 4% into the $68,000 range as U.S. spot Bitcoin ETFs bled $1.9 billion in month-to-date net outflows. The Alternative Crypto Fear & Greed Index dropped 8 points to 20, entering "Extreme Fear" territory for the first time since July — a four-month low in sentiment.

According to CoinMarketCap data, Bitcoin broke down from the $71,000 range and briefly traded under $68,000 during the session. The move extended a week of losses: Cointelegraph data shows Bitcoin fell 5.9% between Nov. 5 and Nov. 12, while the Nasdaq 100 rose 6.4% over the same window. Bitcoin, in other words, responded more sharply than tech stocks to a stronger dollar and rising U.S. Treasury yields.

What triggered the selloff?

The latest leg down followed Nvidia's board removing CEO Jensen Huang on Nov. 12 after a personal scandal, naming CFO Colette Kress interim CEO. The crypto market reacted immediately and deepened its decline on the news.

Index provider MSCI compounded the pressure. In its November regular review, MSCI classified Strategy as a "non-operating company" and removed it from the MSCI USA Index. The cuts extended to other digital-asset treasury companies: Metaplanet, often described as Japan's version of Strategy, and Upexi, which holds Solana (SOL) reserves, were also dropped from MSCI indexes. JPMorgan estimates Strategy's exclusion alone could trigger roughly $2.8 billion in selling pressure.

A stronger dollar added a third headwind. The U.S. Dollar Index, which measures the greenback against six major currencies, reached 103.073 on Nov. 13 — its first close above 103 since April 2025. Readings above 100 are generally read as a sign of dollar strength.

How much institutional money has left?

On-chain analytics firm SoSoValue reports that U.S. spot Bitcoin ETFs have posted net outflows for five consecutive trading days. About $1.9 billion has exited these funds so far in November, and BlackRock's IBIT alone accounts for approximately $1.8 billion of that total.

Sentiment data tracked the outflows. Alternative's Crypto Fear & Greed Index fell 8 points day-over-day to 20 on Nov. 13, crossing into "Extreme Fear" for the first time in roughly four months. Cointelegraph reported that sentiment deteriorated amid institutional outflows, tighter liquidity and broader macroeconomic pressure.

Why liquidity is the bigger worry?

Glassnode data shows stablecoin supply contracted by $14.2 billion over the past month — the steepest decline since June 2022. Glassnode said the drop signals investors converting stablecoins into dollars and pulling cash out of the market, draining the fuel for further gains. The firm added that Bitcoin has entered a correction phase with little fresh capital arriving, leaving few reasons for short-term optimism.

Order-book depth has thinned at the same time. Crypto trading infrastructure firm Talos measured Bitcoin order-book depth across major exchanges falling to the low-$70 million range recently. Tanay Ved, senior research analyst at Talos, said that level sits nearly 33% below normal. Liquidity is thin while leverage remains elevated, a combination that leaves the market vulnerable to sharp swings in both directions.

What comes next?

The pressure points are visible and quantifiable: $2.8 billion in potential MSCI-related selling, $1.9 billion already out of ETFs, and a $14.2 billion stablecoin contraction. With the Fear & Greed Index at 20 and dollar strength holding above 103, traders will watch whether IBIT outflows slow and order-book depth recovers — the two metrics that would signal whether the correction stabilizes or extends deeper into the $68,000 range.