The Bitcoin price drop took the cryptocurrency below $69,000 on Friday, with Decrypt data showing it down 5.6% on the day at just over $69,300. Decrypt reported that its lowest point in the preceding 24 hours was $67,922, a level not seen since mid-August.
Tim Sun, senior analyst at Hashkey, told Decrypt that a concentrated liquidation of leveraged long positions directly triggered the move below $69,000. He said weakening demand was the deeper issue, pointing to pressure across exchange-traded funds, stablecoins and corporate treasury firms.
What drove the Bitcoin price drop
Sun pointed to six consecutive days of net withdrawals from U.S. spot Bitcoin ETFs, citing CoinGlass data, according to Decrypt. Those withdrawals were one part of his assessment that demand supporting the market had weakened.
Separately, MENAFN reported that U.S. spot Bitcoin ETFs had about $1.28 billion in net outflows in the week ended November 6, the largest weekly withdrawal since June. The publication said the withdrawals pushed the funds' 2026 net flows into negative territory, at roughly $914 million in net outflows for the year.
BlackRock's iShares Bitcoin Trust accounted for about $403 million of withdrawals on November 6, or approximately 88% of the day's total, MENAFN reported. That daily figure was part of the weekly outflow reported by the publication.
Sun also cited a shrinking stablecoin supply and the removal of digital asset treasury firm Strategy from MSCI funds, Decrypt reported. Discussing the Bitcoin price drop, Sun told Decrypt: "ETFs, stablecoin liquidity, and corporate treasuries have served as the primary capital pillars supporting this Bitcoin rally".
Liquidations and the wider market
Sun's account of the Bitcoin price drop distinguished the immediate liquidation of leveraged longs from the longer-running weakness he saw in demand, according to Decrypt. His explanation put both derivatives positioning and the flow of capital into crypto-related products at the center of the decline.
In separate coverage, MENAFN reported that Bitcoin had fallen to about $73,500 over a weekend, with liquidations of crypto positions exceeding $1 billion during a 24-hour period. Citing CoinGlass, it said roughly $1.03 billion of the liquidations were long positions, with Bitcoin accounting for about $302 million and Ether for around $495 million.
MENAFN said the liquidation figures showed that traders positioned for higher prices bore most of the losses as the market fell. Its assessment was that ETF redemptions also pointed to weaker spot demand, beyond the reduction in leverage.
Other major cryptocurrencies also fell in Decrypt's data: Ether was down 4.6% on the day at $1,953, BNB slipped 4.7% to $639.46, and Solana fell 3.1% to $80.47. Decrypt reported that the global crypto market capitalization declined 4.6% over 24 hours to $2.39 trillion.
Inflation and rate expectations
The Bitcoin price drop followed a U.S. consumer price index report that experts described as hotter than expected, Decrypt reported. James Butterfill, head of research at CoinShares, said October's 0.4% monthly CPI increase exceeded expectations even though it was lower than September's 0.6%, according to the publication.
Decrypt reported that Butterfill highlighted a 0.5% rise in food prices, a 0.3% increase in core CPI and a 0.5% gain in services excluding rent. Butterfill said the figures meant inflation could no longer be readily dismissed as an oil-driven issue.
The CPI tracks average price changes for everyday goods and services, and central banks use it when weighing interest-rate decisions, according to Decrypt. The publication said a higher-than-expected reading can signal a potential Federal Reserve rate increase.
Decrypt reported that Polymarket participants put the chance of a Fed rate increase during 2026 at 97%, up from 75% at the start of the week. It also said the CME FedWatch tool showed an 88% probability of a 25-basis-point increase and a 12% probability of a 50-basis-point rise.
Technology stocks and the recovery outlook
Decrypt also reported that the Bitcoin price drop followed the resignation of Nvidia CEO Jensen Huang. Sun told the publication that the departure had caused volatility in technology stocks and weakened risk appetite, adding: "This has prompted broader portfolio de-risking, amplifying the downward pressure on Bitcoin".
For a crypto rebound, Sun said long-term allocation capital would need to return after pressure on ETFs, stablecoins and digital asset treasury companies in recent weeks, according to Decrypt. His assessment ties a recovery to demand returning across the channels he identified as supporting the rally.
In its analysis, MENAFN said renewed ETF inflows, alongside Bitcoin recovering the cost basis of recent buyers, would be needed for a durable trend reversal. The publication had identified that cost basis near $75,800, above the price Decrypt later reported.
Conclusion
Decrypt's data put Bitcoin just above $69,300 after a fall below $69,000, while Hashkey's Tim Sun attributed the immediate move to liquidations of leveraged longs. Sun also identified weaker demand across ETFs, stablecoins and corporate treasuries, and MENAFN separately reported substantial ETF withdrawals in the week ended November 6. The development Sun said was needed for a rebound is a return of long-term allocation capital to crypto. MENAFN's assessment likewise pointed to renewed ETF inflows as one condition for a durable trend reversal.
Frequently Asked Questions
How low did Bitcoin fall on Friday?
According to Decrypt, the cryptocurrency touched $67,922 over 24 hours, falling to its lowest price since mid-August. Its data subsequently showed the cryptocurrency trading at just over $69,300, down 5.6% on the day. Hashkey analyst Tim Sun attributed the move below $69,000 to a concentrated liquidation of leveraged long positions.
What did Tim Sun say caused Bitcoin's drop below $69,000?
Sun, a senior analyst at Hashkey, told Decrypt that liquidations of leveraged long positions directly triggered the decline below $69,000. He said weaker market demand was the deeper issue, pointing to pressure involving spot Bitcoin ETFs, stablecoin supply and digital asset treasury firms.
How much left U.S. Bitcoin ETFs in the week ended November 6?
U.S. spot Bitcoin ETFs recorded about $1.28 billion in net withdrawals during the week ended November 6, according to MENAFN. The publication said that was the largest weekly outflow since June and that the funds had about $914 million in net withdrawals for 2026.
How did October CPI relate to Bitcoin's Friday decline?
Decrypt reported that the decline followed a consumer price index reading that experts considered hotter than expected. CoinShares research head James Butterfill said October CPI rose 0.4% from the prior month, below September's 0.6% increase but still above expectations, according to Decrypt.
What does Tim Sun say Bitcoin needs for a rebound?
Sun told Decrypt that a crypto rebound requires long-term allocation capital to return after pressure on ETFs, stablecoins and digital asset treasury companies. MENAFN separately said renewed ETF inflows and a recovery of recent buyers' cost basis were among the conditions for a durable trend reversal.
Sources
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