On Thursday, November 12, the bitcoin price dropped below USD 72,000, reaching around USD 71,200. The sell-off is accompanied by the liquidation of positions on the futures market, and over the last five sessions, nearly USD 1.44 billion has flowed net from US Bitcoin ETFs.
On November 10, Bitcoin tried to stay above USD 72,600, and a day later it rebounded to around USD 74,700. However, Thursday’s drop means breaking that local minimum. Since its historic high of around $126,200, set in October 2025, BTC has already lost over 43% of its value.
Investors are withdrawing money from ETFs into Bitcoin
One of the most important signals of weakening demand are capital flows through US spot Bitcoin ETF funds.
On November 11 alone, investors withdrew a net $299.8 million from funds. The largest part of this amount consisted of redemptions of units of the iShares Bitcoin Trust (IBIT) managed by BlackRock, whose daily balance was minus USD 269.7 million.
This is a significant change for a market where institutional demand for Bitcoin has played an increasingly important role in recent years. Continued outflows may limit the market’s ability to rebound, especially when interest in purchasing on cryptocurrency exchanges wanes.
However, it is worth distinguishing ETF flows from direct sales of cryptocurrencies by managers. A negative balance means that redemptions prevail over new subscriptions to fund units. It also does not equal the same amount of losses suffered by investors.
US inflation and position liquidations are adding to the pressure
The second problem for the market remains the macroeconomic situation in the United States.
Higher-than-expected inflation has increased concerns that the Federal Reserve will be forced to maintain tight monetary policy or raise interest rates again. This environment usually limits investors’ appetite for risky assets, including cryptocurrencies.
In the derivatives market, additional pressure is caused by forced closures of leveraged positions.
The reported liquidation value represents the nominal amount of closed positions, not the amount of money lost by their owners. However, the automatic closing mechanism may deepen declines when forced selling appears on the market within a short period of time.
What’s next for Bitcoin’s price?
After breaking 72 thousand USD, investors’ attention is moving towards the psychological limit of 70,000. USD. However, just going below the previous low does not mean that the market will reach this level.
Flows through ETFs, the situation on the futures market and expectations regarding the Federal Reserve’s decisions will be of particular importance for the further direction of the quotations.
The next test for financial markets will come on Friday, November 13. At 2:30 p.m. Polish time, American PPI producer inflation data for October will be published. They may influence interest rate expectations and the direction of Bitcoin prices.
