Bitcoin Slides Toward $62,000 as ETF Outflows and Liquidations Hit Crypto

Bitcoin fell toward $62,000 on Nov. 15, its lowest level in three months, as steady withdrawals from U.S. spot Bitcoin exchange-traded funds and a wave of forced selling by leveraged traders hit the crypto market, according to KuCoin News.

The weekly decline has widened to nearly 15%. For anyone who holds crypto, follows ETF flows or watches how markets react to interest rate worries, the drop is a sign of how quickly sentiment has turned.

The key numbers behind the sell-off

$62,000: the three-month low Bitcoin neared on Nov. 15. Crypto.news data cited by KuCoin put the intraday low at around $62,080.
$64,500: roughly where Bitcoin traded at the time of the report, down about 4% over 24 hours.
Nearly 15%: the decline over seven days, which continued after Bitcoin dropped below $70,000 on Friday.
$1.91 billion: net redemptions from U.S. spot Bitcoin ETFs over seven consecutive trading days from Nov. 5 to Nov. 13, according to Farside Investors data.
$750 million: approximate Bitcoin liquidations, with about $600.5 million from long positions, roughly 80% of the total, and $152 million from short positions.

How ETF outflows and liquidations fed each other

Crypto.news previously reported that institutional funds withdrew approximately $1.44 billion over the five trading days ending Nov. 11, so the pressure had been building before the latest drop. Spot Bitcoin ETFs do not trade over the weekend, and the next daily fund flow figures are due Monday, Nov. 16, after the U.S. market close.

The liquidations add a second layer. A long liquidation happens when traders who bet on a rising price cannot keep up the collateral their positions require. The exchange then closes the positions automatically, which creates more sell orders and can push prices down further. Ethereum, XRP and Solana also fell as selling continued, according to KuCoin.

Inflation worries have weighed on risk assets as well. Consumer prices rose 0.4% in October, and core inflation rose 0.3%, according to the report. Those figures have kept markets focused on the Federal Reserve's interest rate outlook, with traders concerned that borrowing costs may stay high.

Why it matters for people who hold or follow crypto

A move of this size affects more than active traders. Anyone with money in a Bitcoin ETF or a crypto account has seen the value of that holding drop sharply within days, and the ETF figures show that some institutional money has been leaving rather than buying. The sell-off also shows how leveraged bets can magnify a decline: when most liquidated positions are longs, forced selling can accelerate the drop.

Analysts quoted in the report disagree about what comes next. Crypto analyst Michaël van de Poppe called the sell-off unusually sharp, compared the three-day decline to rare events such as the COVID-19 crash and the FTX collapse, and wrote that this was an “extremely rare pullback driven by leveraged liquidations.” He said he is buying Bitcoin at the current price. The analyst known as Doctor Profit keeps a long-term bullish view and says $57,000 remains his bear market bottom, adding that sellers will only prevail below that level. Daan Crypto Trades noted that Bitcoin has never had two consecutive calendar years of declines, but said price and timing patterns no longer follow past cycles precisely.

What to watch next

According to the technical analysis cited by KuCoin, Bitcoin broke below the 200-week moving average, which was around $67,992 on Nov. 14, then briefly approached $62,000 before rebounding above $64,000. The daily Relative Strength Index stands at 22.51, which signals an oversold market, but the MACD indicator remains negative with a histogram reading of -1182.17, suggesting bearish momentum has not yet reversed.

Immediate support sits near $62,000, with the next levels at $60,000 and about $59,800 if selling continues. On the upside, resistance is near $65,600, followed by the $68,000 to $70,000 range. If Bitcoin falls below Sunday's low again, the $60,000 area would become the focus. The coming ETF flow data on Nov. 16 will show whether the redemptions continued.

Around Prague, based on reporting by KuCoin

Cover photo: Matti Blume / Wikimedia Commons, CC BY-SA 4.0, cropped

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