Bitcoin (BTC) plummeted on Friday, November 14th, briefly falling below $96,000 in the early morning hours, its lowest price since May.
The huge losses were primarily due to outflows from institutional investors, as around $870 million was outflowed from Bitcoin ETFs on November 13th.
As a result, the market capitalization of cryptocurrencies has fallen below the $2 trillion threshold, remaining at $1.94 trillion at the time of writing.
In the aftermath, a wave of liquidations wiped out more than $500 million in leveraged BTC positions, with long traders accounting for more than 90% of the losses. Across the broader market, over $1.1 billion of leveraged positions were liquidated.
At the time of writing, ‘Digital Gold’ was trading at $96,740, still down more than 6% on the 24-hour chart. BTC’s market capitalization decreased from $2.05 trillion to $1.93 trillion in one day, wiping $120 billion from its total value.
Bitcoin ETF outflows hit record high
As previously mentioned, the US Spot Bitcoin ETF recorded net outflows of approximately $870 million on November 13th, marking the second-highest daily withdrawals this year, surpassed only by the $1.14 billion withdrawn on February 25th.
Grayscale’s Mini BTC had the biggest loss with $318 million in redemptions, followed by BlackRock’s $257 million and Fidelity’s $120 million. Over the past three weeks, the ETF has shed a total of $2.64 billion.
Additionally, long-term holders have sold nearly 390,000 BTC since October, and forex inflows have also surged, with 12,000 BTC moving onto the trading platform in the past day, the largest movement since March.
The total market capitalization of cryptocurrencies similarly decreased to $3.73 trillion in the same 24 hours. Market strategists say the outflows reflect broader macro concerns.
What’s next after Bitcoin?
Bitcoin is currently below several key technical thresholds, including the 23.6% Fibonacci retracement at $111,958 and the 200-day exponential moving average (EMA) at $110,470, and is testing key support between $96,500 and $97,000.
According to market analyst Ali Martinez, this is “not good” and the next important support levels are $82,045 and $66,900.
Below $95,930, the next important support levels for Bitcoin $BTC are $82,045 and $66,900. pic.twitter.com/EmxusQlQde
— Ali (@ali_charts) November 14, 2025
Momentum indicators also remain weak, with the daily relative strength index (RSI) at 33 and moving average convergence divergence (MACD) at -2,752, indicating an oversold situation, but without a clear reversal signal.
Featured image via Shutterstock
