Bitcoin slipped beneath the $67,000 line on a November morning, returning to levels not seen since August, as the long-running hope that digital gold would behave independently of Wall Street met a harder reality. Hotter inflation readings, a sudden stumble in the chip giant Nvidia, and a tide of institutional money leaving American funds combined to push leveraged bets into forced liquidation. Whether this is a passing storm or the start of a deeper winter depends on what the Federal Reserve does next and whether the appetite for risk returns to a market that has lost nearly half its peak val
Bitcoin Slides Below $67,000 to Three-Month Low as $2.5 Billion Exits US Spot ETFs
There is no buyer of last resort for Bitcoin
Bitcoin slipped beneath the $67,000 line on a November morning, returning to levels not seen since August, as the long-running hope that digital gold would behave independently of Wall Street met a harder reality. Hotter inflation readings, a sudden stumble in the chip giant Nvidia, and a tide of institutional money leaving American funds combined to push leveraged bets into forced liquidation. Whether this is a passing storm or the start of a deeper winter depends on what the Federal Reserve does next and whether the appetite for risk returns to a market that has lost nearly half its peak value.
On the morning of the 14th, Bitcoin was trading near $68,300 after a brief bounce, though only hours earlier it had sunk to $66,915 on Binance, its lowest level since August 19. The coin has now lost more than 18% this month alone, slipping through the $70,000 mark and sitting roughly 46% below its record near $126,000 from October 2025. Ethereum, around $1,930, fell in step.
The immediate cause was a cascade of forced selling. About $1.3 billion in leveraged long positions were liquidated over a single day, and as one derivatives trader put it, each wipeout triggered the next. The backdrop offered little relief: October consumer prices rose more than expected for a third straight month, and with oil climbing, traders are beginning to price in further Fed tightening.
Tech stocks delivered a second blow. Nvidia dropped 13% in a week after its CEO announced his resignation, and uncertainty about the company's future spread anxiety about AI investment across markets. Bitcoin, which moves closely with the Nasdaq, was swept along, and analysts warned that the $73,000 support level has already broken with no obvious buyer waiting below.
Institutions are also stepping back, with more than $2.5 billion leaving US spot Bitcoin funds since late October. Not everyone sees panic in that figure. One Bloomberg analyst noted that year-to-date net outflows are a modest $1.4 billion, suggesting many investors are holding on, and recalled that gold funds once languished for years before setting records. The next signals arrive with Nvidia's earnings next week and the Fed's December meeting, and whether risk appetite returns will decide the path ahead.
On the morning of the 14th, Bitcoin was changing hands around $68,300, roughly 91 million won, according to CoinMarketCap. That was a bounce. Hours earlier, on Binance's Tether market, the price had dropped to $66,915, the lowest since August 19, after breaking below the previous day's low of $67,568. It then recovered to the $67,300 range before climbing further.
The damage over the month is large. Bitcoin is down more than 18% in November alone, after losing the $70,000 mark. Ethereum traded near $1,930, about 2.6 million won, and both coins were down roughly 4% over 24 hours. Measured against the all-time high of about $126,000 set in October 2025, Bitcoin now sits around 46% lower.
The immediate mechanism was leveraged liquidation. CoinGlass data showed about $1.3 billion in long positions forcibly closed over 24 hours. Sean McNulty, a derivatives trader at market maker AQC Tech, said that when Bitcoin slipped under $70,000, more than $1 billion in leveraged longs were wiped out, and that the forced selling triggered more selling.
The macro backdrop did not help. US October consumer prices rose 0.4% from September, and core CPI, which strips out food and energy, rose 0.3%. Both beat expectations for a third straight month. With oil prices climbing and inflation proving sticky, traders are leaning toward further Fed tightening. Added to that was an expectation that Democrats, after the midterms, will hold both the Senate and the House from next year and press for tougher oversight of the crypto industry.
Tech stocks supplied a second blow. A gauge of large semiconductor stocks fell 3.4%, and Nvidia dropped 13% this week after CEO Jensen Huang announced his resignation, its worst week since April 2025. Uncertainty over the company's leadership fed anxiety about AI-related investment, and the selling spread to Bitcoin, which tracks the Nasdaq closely. Matthew Sigel, head of digital asset research at VanEck, said the correlation is near its highest in years, that there is no buyer of last resort for Bitcoin, and that the $73,000 support level, where the 200-day moving average sits, has already given way. He pointed to somewhat hawkish monetary policy comments and concerns about Nvidia-related debt deflation as pressures on the market.
Institutions are leaving too. More than $2.5 billion, about 3.3 trillion won, has flowed out of US-listed Bitcoin spot ETFs since October 30. Michael O'Rourke, chief market strategist at JonesTrading, said that with mega-cap names like Nvidia and Google in correction and Treasury yields rising, there is little reason to hold an asset that depends on speculative expectations and pays no separate return.
Not everyone reads the outflows as alarming. Bloomberg ETF analyst Eric Balchunas noted that cumulative net outflows from Bitcoin spot ETFs are only $1.4 billion for the year to date, which he took as a sign that investors are holding their positions through a difficult year. He added that ETF flows usually follow price, and compared the situation to gold ETFs, which languished for a long time before reaching record highs. In his view, weaker sentiment does not by itself undermine long-term adoption.
Two things are expected to set the near-term direction: Nvidia's earnings next week and rate expectations ahead of the December FOMC meeting. Jeff May, COO of BTSE, said that if the Fed raises rates by 50 basis points rather than the 25 the market expects, Bitcoin and altcoins could fall further. Whether risk appetite returns is the central question as the crypto market's total value shrinks.
Citazioni salienti
Investors are holding on and staying with their existing positions.— Eric Balchunas, Bloomberg ETF analyst
If the Fed raises rates by 50 basis points rather than 25, there is room for further declines.— Jeff May, COO of BTSE
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