From Coinpedia · By Sahana Vibhute
Story HighlightsBitcoin has crashed below $68,000, extending its decline as macroeconomic uncertainty and weakening investor confidence trigger sustained selling pressure.
Persistent ETF outflows, a deeply negative Coinbase Premium and a 16-fold surge in miner-to-exchange transfers point to continued selling risks.
BTC's failure to recover despite early signs of spot buying suggests that demand remains too weak to reverse the current bearish trend.
Bitcoin is facing another wave of selling pressure as uncertainty continues to weigh on the broader crypto market. BTC price dropped to an intraday low of $67,568 before recovering slightly to $68,730 after retreating from the day’s high of $71,514. The latest decline has further weakened its technical structure, particularly after the price slipped below the 200-day moving average, which had acted as a key support over the past few months. Since then, Bitcoin has struggled to regain momentum, forming a series of lower highs and lower lows.
Advertisement What is even more worrying is that there is no convincing recovery even after the steep fall. Every rally attempt has been met with selling pressure, raising questions about whether Bitcoin is heading for another leg down or simply going through a short-term correction before attempting to bounce back.
The bigger question is whether investors are simply 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 continued selling pressure and whether Bitcoin can find enough demand to recover.
BTC ETF Outflows Persist as Institutional Demand Remains Weak
Bitcoin spot ETFs have continued to see outflows, suggesting that institutional investors are still reluctant to increase their exposure despite the recent price decline. The chart 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 over the following sessions, reaching around 2,690 BTC on November 09 and 1,260 BTC & 4,060 BTC in the next two days. However, outflows dropped to 644.76 BTC, but buying was limited and failed to trigger a recovery. This suggests the 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 evident in the Coinbase Premium Index, which has fallen sharply into negative territory. The latest 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. When it turns positive, it generally signals strong buying demand; however, the current readings are negative, which suggests 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 hinder the BTC price recovery.