Bitcoin extended its steep decline over the weekend, falling to a three-month low near $62,000 on November 15 before recovering slightly above $64,000. The selloff has erased nearly 15% from Bitcoin’s price over seven days and has been driven by persistent outflows from U.S. spot Bitcoin exchange-traded funds and heavy leveraged long liquidations.
According to Farside Investors, U.S. spot Bitcoin ETFs recorded approximately $1.91 billion in net withdrawals across seven consecutive trading sessions through November 13. Friday’s session added another $185.4 million in outflows, including $143.5 million from BlackRock’s iShares Bitcoin Trust and $41.9 million from Fidelity’s Wise Origin Bitcoin Fund. Earlier in the week, the funds lost $284.1 million on Thursday and $299.8 million on Wednesday. The persistent institutional selling added to pressure on Bitcoin, with ETF flow data not due again until the U.S. market opens on Monday, November 16.
Leveraged trading losses amplified the downside. CoinGlass data showed roughly $1.96 billion in total cryptocurrency liquidations over a rolling 24-hour period, with Bitcoin accounting for about $750 million. Of the Bitcoin total, nearly $600.5 million came from long positions, about 80% of Bitcoin liquidations, while shorts accounted for $152 million. The forced closure of leveraged long positions can trigger additional sell orders as prices fall.
On Binance, Bitcoin open interest dropped to $8.3 billion, its lowest level since August 18, as traders were liquidated. Open interest rose on OKX, Bybit, and Gate.io, suggesting leverage shifted to other venues even as Binance activity declined. Lower open interest on Binance can reduce the number of leveraged traders exposed to sudden liquidations, but rising deposits and leverage elsewhere point to continued selling risk.
Analysts remain divided on the near-term outlook. Michaël van de Poppe described the correction as a rare, leverage-flush-driven move and said he was buying Bitcoin at current levels. He compared the three-day decline to rare episodes such as the COVID crash and the FTX collapse. Doctor Profit kept a longer-term bullish stance and called $57,000 his bear-market bottom, while Daan Crypto Trades noted Bitcoin’s four-year cycle has never produced two consecutive calendar years of losses. Technical levels show immediate support near $62,000, with $60,000 and $59,800 as next downside areas. Resistance sits around $65,600, followed by $68,000–$70,000.
