Bitcoin Price Slips Toward $97K as Spot BTC ETFs Record Second-Largest Outflow of $867M
Bitcoin’s price is hovering around $97,000, down 5.5% in the past 24 hours, as the market faces sharp outflows and rising U.S.-driven sell pressure. The cryptocurrency has declined 4.3% in the past week, shed 13% in the past month, and retreated 22% from its October peak at $126,080. According to data, trading volume jumped 50% in the last 24 hours, showing a rise in market activity during the pullback, while derivatives activity also picked up, with total futures volume rising more than 34% to $153 billion.
U.S. spot Bitcoin ETFs registered $869 million in net outflows on Nov. 13, the second-largest single-day withdrawal on record after that of Aug. 1. Grayscale’s Mini BTC led with more than $318 million in outflows, followed closely by BlackRock’s IBIT with $257 million, and Fidelity’s FBTC with $119 million. Large redemptions of this size usually indicate institutional de-risking and can add short-term pressure by reducing spot demand. Gerry O’Shea, head of global market insights at Hashdex, noted that Bitcoin’s consolidation stems from both macro shifts and long-term holder selling, with expectations for a December rate cut having faded and many long-term holders in the U.S. securing profits near year-end.
U.S. Market Forces Responsible for Decline
CryptoQuant analysts observed that the recent price action is driven mainly by U.S. market forces, with the Coinbase Premium Index having been negative for weeks, indicating stronger American selling. This pattern matches the overnight recoveries followed by U.S.-hour declines. Long-term holders across almost every age group have also been selling, which analysts believe indicates widespread tax positioning among U.S. investors. Fidelity also commented that many long-term holders are closing profitable positions heading into year-end. Macro conditions, including the recent U.S. government shutdown, have added to the pressure, resulting in a short-term fiscal surplus and tightened liquidity.
Bitcoin Price Technical Analysis
With its price trading below all of the major moving averages from the 10-day to the 200-day level, Bitcoin is still in a clear downward trend. There is strong resistance between $102,000 and $110,000. The price is still hovering close to the lower Bollinger Band, indicating both short-term exhaustion and ongoing selling. Momentum indicators show some weakness, with the relative strength index at 33, and the MACD and awesome oscillator still negative. A few short-term indicators show slight improvement, hinting that pressure may be easing. Support in the range of $96,500 to $97,000 is still crucial, and a breakdown might pave the way for $92,000 or even the $88,000–$90,000 range.
For any recovery to hold, Bitcoin must reclaim $102,000 and then test stronger resistance at $106,000 and $110,000. As the market continues to navigate these challenges, it’s essential to stay informed with the latest developments and analysis. For more information, visit the original source: https://crypto.news/bitcoin-price-spot-btc-etfs-record-outflows-2025/
Bitcoin daily chart. Credit: crypto.news
