Bitcoin is facing another round of selling pressure as uncertainty continues to weigh on the broader crypto market. The $BTC price fell to an intraday low of $67,568 before recovering slightly to $68,730 after pulling back from the day's high of $71,514. The latest decline has further weakened its technical structure, particularly after the price dropped below the 200-day moving average, which had served as key support over the past few months. Since then, Bitcoin has struggled to regain momentum and has formed a series of lower highs and lower lows.
More concerning is the lack of a convincing recovery following the steep fall. Each rally attempt has met selling pressure, raising questions about whether Bitcoin is heading for another leg lower or is simply going through a short-term correction before a possible rebound.
The larger question is whether investors are waiting for greater clarity or actively reducing their exposure to the crypto market. A closer look at institutional activity, capital flows and market positioning offers some clues about what is driving the ongoing selling pressure and whether Bitcoin can attract enough demand to recover.
$BTC ETF Outflows Persist as Institutional Demand Remains Weak
Bitcoin spot ETFs have continued to record outflows, suggesting institutional investors remain reluctant to add exposure despite the recent price decline. The data shows net withdrawals for six consecutive trading sessions between November 05 and November 12.
The largest outflow came on November 06, when approximately 5,420 $BTC left the ETFs. Withdrawals continued in the following sessions, reaching around 2,690 $BTC on November 09, followed by 1,260 $BTC and 4,060 $BTC over the next two days. Outflows later slowed to 644.76 $BTC, but buying was limited and failed to trigger a recovery. This suggests institutions have yet to show a strong willingness to buy the dip.
Coinbase Premium Turns Deeply Negative as US Buying Demand Weakens
Bitcoin's weakening demand is also visible in the Coinbase Premium Index, which has fallen sharply into negative territory. Glassnode data shows the 30-day average premium approaching -4 basis points, one of its lowest readings.
The Coinbase Premium tracks the price difference between Bitcoin on Coinbase and the broader global market. A positive reading generally signals strong buying demand, but current readings are negative, suggesting US buyers are not stepping in aggressively. As long as the premium remains deeply negative, the lack of strong US buying interest could continue to hold back a $BTC price recovery.
$BTC Miner Selling Pressure Rises as 2,077 Tokens Flow to Exchanges
Adding to Bitcoin's demand concerns, miner-to-exchange transfers have jumped sharply, raising the possibility of further selling pressure. According to CryptoQuant, miners transferred nearly 2,077 $BTC to exchanges in the latest spike, roughly 16 times the previous levels.
When the $BTC price struggles to attract fresh spot demand, an increase in potential selling supply from miners could add further pressure. However, a higher miner-to-exchange flow does not automatically mean all the transferred $BTC will be sold. Still, with institutional demand weakening and miner transfers rising, the market could face additional supply pressure.
Bitcoin Spot Demand Rises While Overall Demand Remains Negative
CryptoQuant data shows a divergence between spot and futures activity, suggesting buyers are beginning to return to the spot market while demand from derivatives traders continues to deteriorate. The 30-day cumulative spot demand has started to recover after remaining under pressure, indicating some investors are gradually stepping in to buy $BTC at lower prices.
Perpetual futures demand, however, is moving in the opposite direction, indicating traders are less willing to maintain leveraged bullish positions. This divergence is worth monitoring in the coming sessions. If spot demand keeps improving and futures activity stabilises, the $BTC price could gradually regain buying support. If futures demand continues to fade and spot buying loses momentum, the current recovery attempt could struggle to gain traction.
Bitcoin Price Prediction: Can $BTC Defend $67,500 as Buying Demand Weakens?
Bitcoin's inability to recover above $68,000 reflects more than a technical breakdown. Persistent ETF outflows, a deeply negative Coinbase Premium and rising miner-to-exchange transfers point to weak buying interest and the possibility of additional selling supply. Although spot demand shows early signs of recovery, the broader demand trend remains negative.
For now, the $BTC price needs stronger spot buying and a sustained improvement in market sentiment to regain its footing. Until then, the risk of another move lower remains, and investors are watching whether the $67,500 region can hold as support or give way to further downside.
