Key takeaways
- Bitcoin's selloff deepens as Ethereum nears $1,800
- Crypto ETFs shed about $1.46 billion in a week
- Coinbase reports an $11.5 billion contraction in stablecoin liquidity
Bitcoin's November selloff has pushed the price toward $64,000, while Ethereum has fallen toward $1,800. Institutional withdrawals, declining liquidity and renewed concerns about Federal Reserve rate hikes are weighing on cryptocurrency markets.
$BTC fell below $66,000 on November 14, extending its slide after dropping below the psychologically important $70,000 mark a day earlier. Ethereum also fell below $1,850, underscoring weakness in the two largest cryptocurrencies.
Coinbase Institutional's latest market report says the combined supply of USDT, USDC and DAI fell by a record $11.5 billion over 30 days, reducing a significant source of potential buying liquidity.
Bitcoin's Slide: Fed Concerns and an $11.5B Liquidity Drain
The latest drop comes as investors reconsider U.S. monetary policy expectations after inflation and employment figures came in stronger than expected.
Coinbase reported that interest-rate futures priced in about 64 basis points of Federal Reserve hikes over the next 12 months, up from 37 basis points earlier in November.
Higher borrowing costs can curb demand for speculative assets, including Bitcoin and Ethereum, while making cash and interest-bearing investments relatively more appealing.
The current pressure follows an earlier Bitcoin drop below $73,000, when inflation data and ETF withdrawals were already threatening the market's recovery.
The stablecoin contraction presents another challenge. With fewer digital dollars in circulation, the market may have less readily available capital to absorb selling pressure.
Bitcoin and Ethereum ETFs Shed $1.46B as Liquidations Mount
Institutional demand has weakened substantially during the correction.
Data from Farside Investors shows that U.S. spot Bitcoin ETFs lost about $1.07 billion between November 9 and November 13, while Ethereum funds saw a further $398.9 million in net withdrawals.
BlackRock's IBIT accounted for about $908 million in Bitcoin ETF outflows over those five trading sessions.
The selling came after an earlier warning about $50 billion in Bitcoin futures exposure, when high leverage threatened to accelerate losses if $BTC broke key support levels.
CoinGlass data cited in recent market reports showed about $1.47 billion in cryptocurrency liquidations over a 24-hour period on November 13, mainly affecting leveraged long positions.
Ethereum faced similar pressure. An earlier $259 million $ETH liquidation wave exposed traders who had bet on a rebound above $2,000.
The broader selloff also coincides with rising U.S. Treasury yields and weakness in technology stocks, leaving cryptocurrencies exposed to further reductions in risk-taking.
Bitcoin Price Outlook: Is $60K Next as $ETH Tests $1,800?
Coinbase Institutional identified $62,000 as an important technical level for Bitcoin before the latest decline.
If $BTC fails to stabilize above that area, $60,000 could become the next major psychological downside target. A recovery to $66,000–$68,000 would improve the near-term outlook, but would not necessarily reverse the broader correction.
Ethereum faces a similar test near $1,800 after falling below the $1,950 and $1,850 levels tracked in earlier market analysis.
A sustained drop below $1,800 could put $1,750 in view, while a move back above $1,850–$1,900 would provide an initial sign of stabilization.
The next move may depend on upcoming U.S. economic data and whether ETF withdrawals start to ease, particularly after strong jobs data raised expectations of tighter monetary policy.
