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Bitcoin fell below $72,000 on Thursday, November 12, as sellers continued to push its price towards the $70,000 level.
At the time of reporting, Bitcoin is trading for $71,448, representing a 2.77% drop within the last 24 hours. This pulled the market capitalization by about 2.72% to approximately$1.43 trillion in value with its trading activity holding up at $27.92 billion in value, according to data from CoinMarketCap (as at 16:02 UTC on November 12).
The price decline came during a period of continued withdrawals from Bitcoin investment funds, with BlackRock’s IBIT recording the largest share of the recent losses.
Bitcoin ETFs Record Five Straight Days of Outflows
According to data from Farside Investors (as at 16:02 UTC on November 12), U.S. spot Bitcoin ETFs recorded $299.8 million in withdrawals on Wednesday, marking their fifth consecutive day of outflows. This brought the total amount withdrawn from the funds over five trading sessions to approximately $1.44 billion.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for most of Wednesday’s withdrawals, losing approximately $269.7 million. Grayscale’s GBTC followed with $39.1 million in outflows, while Morgan Stanley’s MSBT was the only fund to record fresh investments, attracting approximately $9 million.
The withdrawals have continued for IBIT, which has now recorded nine consecutive trading sessions of outflows. Since October 30, investors have pulled approximately $2 billion from the fund, making it one of the biggest sources of withdrawals in the Bitcoin ETF market.
In fact, data from SosoValue (as at 16:02 UTC on November 12) confirmed that the wider group of 11 U.S. spot Bitcoin ETFs has also lost approximately $1.88 billion in a month.
BlackRock’s IBIT Accounts for Most Withdrawals
BlackRock’s fund has taken the largest hit from the recent withdrawals. IBIT accounts for approximately $1.77 billion, representing about 94% of November’s total Bitcoin ETF outflows.
The latest selling has also changed the funds’ performance for the year. U.S. spot Bitcoin ETFs are now down approximately $1.42 billion in net flows for 2026. This is a major difference from the same period last year, when the funds had attracted roughly $25.2 billion in net investments.
However, IBIT remains positive for the year, with approximately $2.45 billion in net inflows. Since its launch in January 2024, the fund has attracted around $64.5 billion.
Bitcoin Liquidations Rise Above $292 Million
Bitcoin’s price decline has also put pressure on traders who borrowed money to bet on higher prices. According to data from CoinGlass (as at 16:02 UTC on November 12), more than $290 million worth of cryptocurrency positions were liquidated within 24 hours.
Traders who had bet on the prices going up suffered the most of the losses resulting in around $267.31 million in value, while short positions recorded more than $24 million in losses.
In fact, the wider crypto market saw much larger liquidation, with around 128,103 traders liquidated. According to CoinGlass, the wider cryptocurrency market recorded approximately $725.02 million in liquidations, affecting 128,103 traders.
Long positions accounted for $636.74 million of the total, while short positions made up approximately $88.40 million. This means traders betting on rising prices suffered about 87.8% of the total liquidation losses.
Analysts Maintain Different Views on Bitcoin’s Next Move
Crypto trader Aralez expects Bitcoin to experience another decline towards $70,000 before attempting a recovery. In a post on X, the trader described this potential decline as a final shakeout before Bitcoin moves above $80,000 and eventually reaches $100,000.
“My plan is absolutely simple: 1st target: $70K + Bear Trap. 2nd target: pump above $80K -> $100K sweep “ he said.
Another trader, Bitmonk, presented a more bearish outlook. The trader pointed to Bitcoin’s formation of lower highs, the loss of the $73,000 support level and repeated selling during recent price recoveries.
Based on these developments, Bitmonk expects Bitcoin to fall towards $62,000 to $56,000 by December 2026.
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