Bitcoin Falls Below $69,000 as Stablecoin Supply Contracts and ETF Outflows Mount
Bitcoin dropped below $69,000 on Friday, November 13, with Ethereum and several major altcoins also posting losses, according to Crypto.news market data. Sources attribute the selloff to a $14.2 billion stablecoin contraction, continued ETF withdrawals and a broader pullback from risk assets.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Prices Break Lower Across Major Assets
Bitcoin traded near $68,388 on Friday, down 7% over 24 hours, according to Crypto.news market data. The Defiant reported that Bitcoin broke below $69,000 as the selloff pushed prices to new lows, while Ether, XRP and SOL also hit four-week lows on Coinbase. Crypto.news put Ethereum at $1,922, down 6.2%, with Solana at $78.30 (down 5.9%), BNB at $631 (down 6.8%) and XRP at approximately $1 (down 4%).
The two sources differ on the size of the move at the lows. Crypto.news cites the 24-hour decline of 7% for Bitcoin, while The Defiant frames the move in terms of four-week lows on Coinbase without giving a percentage. The figures are not directly comparable because they reference different time windows and exchange data.
Stablecoin Supply Shrinks
The most significant structural signal in the coverage is the contraction in stablecoin supply. Glassnode's November 11 research report found that stablecoin supply fell $14.2 billion over the 30 days through November 9, the largest decline since June 2022, when the collapse of Terra drove substantial withdrawals. Glassnode warned the decline leaves "less fuel for a rally," since stablecoins such as USDT and USDC are typically held as dollar-denominated capital before being deployed into crypto assets.
Glassnode also reported that Bitcoin traded below the average purchase price of recent investors, which it placed near $75,600. The firm identified some accumulation among wallets holding between 100 and 10,000 BTC, even as smaller and larger holder groups reduced positions.
Fund Outflows and Derivatives Pressure
Institutional products recorded sustained withdrawals. Glassnode reported that US spot Bitcoin ETFs lost approximately $1.6 billion across 20 trading sessions. Farside Investors data showed $299.8 million in Bitcoin ETF outflows on November 11, including $269.7 million from BlackRock's IBIT, and $144.8 million out of US spot Ether ETFs in the same session, with BlackRock's ETHA accounting for $129.8 million.
Derivatives markets amplified the move. CoinGlass data cited by Crypto.news showed $1.23 billion in liquidations over a rolling 24-hour period, with Bitcoin accounting for roughly $677.5 million. The Defiant reported that bullish positions made up most of the tracked liquidations, which would mean long traders bore the bulk of forced closures.
Macro and Geopolitical Backdrop
Crypto.news links the selloff to several non-crypto developments. Nvidia CEO Jensen Huang's resignation on November 12 weighed on AI-linked equities, including Nvidia and CoreWeave, and Bitcoin had already fallen below $73,000 as that leadership uncertainty developed. Stronger US inflation data have raised expectations of a possible Federal Reserve rate increase in December, and the dollar and Treasury yields both strengthened.
Geopolitical pressure also rose. Iran's Revolutionary Guard Corps claimed an attack on a US early-warning radar installation in Bahrain, following an alleged strike on a telecommunications tower in southern Iran. US and Bahraini authorities had not confirmed the claims at the time of reporting.
Why It Matters
For Traders
With stablecoin supply contracting and long positions dominating liquidations, near-term price action may remain volatile while the Glassnode-cited $75,600 cost basis acts as a reference level.
For Investors
A $14.2 billion stablecoin contraction and sustained ETF outflows signal reduced dollar-denominated capital entering crypto, a condition that historically precedes extended consolidation.
For Builders
Thinner stablecoin liquidity and heavier liquidation cascades raise the importance of robust oracle, margin and liquidation logic in lending and perpetuals protocols.
This article is for information only and is not financial advice. Read the full disclaimer.
