Why Is Bitcoin Dropping? ETF Outflows Push BTC Below $70K

Bitcoin (BTC▼$68,709.00) fell below $70,000 on Friday, November 13, as crypto liquidations topped $1.4 billion. According to CoinGecko, Bitcoin traded at $69,081 at 07:27:59 UTC, down 5.93% over 24 hours. Why is Bitcoin dropping? Sustained withdrawals from spot Bitcoin ETFs, a stronger US dollar and rising Treasury yields have put the market under pressure, according to market researchers. Leveraged bullish positions added forced selling as the decline accelerated.

Why Is Bitcoin Dropping: ETF Outflows and Market Pressures

How Far Did BTC Fall on November 13?

Bitcoin traded below $69,000 earlier Friday before returning above that level. By 07:27 UTC, it remained below $70,000 despite recovering some ground during the morning.

From $69,081, BTC would need to gain about 1.3% to reach $70,000. That puts the breached threshold within reach of a modest rebound, even as the daily decline leaves holders facing a substantially weaker market.

Related: Bitcoin December Fed Hike Odds Reach 84% as Equity Funds Draw $266B

How Did the Break Affect Leveraged Positions?

Nearly $500 million in futures positions were liquidated around Bitcoin’s break below $70,000. Losses on leveraged bullish trades reduced collateral, prompting exchanges to close positions and adding forced selling to the decline.