Bitcoin Falls Below $72K as ETFs Record $1.44B Outflows in 5 Days
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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.
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 This brought the total amount withdrawn from the funds over five trading sessions to approximately $1.44 billion.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 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’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.
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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