Bitcoin fell below $72,000 and touched its lowest level in three months on Thursday, as a fifth straight day of withdrawals from United States spot exchange-traded funds and a wave of forced selling pushed the world's largest cryptocurrency deeper into its correction. Bitcoin traded at about $71,400, down around 3.5 per cent in 24 hours, after ranging between $71,109 and $74,061 during the day.
Ethereum fell with it, dropping below $2,000 to about $2,017, down roughly 1.8 per cent, while the total cryptocurrency market capitalisation stood at $2.38 trillion, down 3.1 per cent over 24 hours, with Bitcoin's share at 60 per cent. Of the 50 largest crypto assets tracked, only seven rose and 32 fell, and the median move was a fall of 1.3 per cent.
The selling was driven by institutions. United States spot Bitcoin ETFs recorded their fifth straight day of withdrawals, shedding $299.8 million on 11 November alone and about $1.44 billion since 5 November, according to Farside and SoSoValue data. Spot Ethereum ETFs lost $144.8 million on the same day, with BlackRock's ETHA accounting for $129.8 million and showing no inflows.
Leveraged traders were hit hard. Reported liquidations reached $727 million as the slide cleared most nearby long liquidation levels, and Bitcoin's next major support was identified near $68,000, suggesting room for further downside if the current sell-off continues. The Crypto Fear and Greed Index fell to 20, indicating extreme fear, down from 28 a day earlier.
Miners added to the supply pressure. Marathon Digital, the largest listed Bitcoin miner, sold approximately 13,597 Bitcoin for roughly $1.1 billion over six weeks and indicated additional selling could follow, according to its regulatory filings. The sales came as Bitcoin's mining difficulty retarget was estimated at a fall of 7.67 per cent for about 23:20 UTC on 13 November, the largest downward adjustment in some time.
Analysts are divided over whether the slide marks a bottom or the first leg of a deeper correction. CryptoQuant traced the fall to profit-taking, a hawkish Federal Reserve, the Binance hack and the midterm elections, with hotter-than-expected October inflation data on 10 November deepening the drop. Its Bitcoin Bull Score has dropped to zero from 90 on 13 October, and apparent demand has fallen by 284,000 Bitcoin in 30 days.
On the other side, Glassnode said the slide had cleared most nearby long liquidation levels, and that since 5 November buy orders near the price on Binance and Coinbase have outweighed sell orders every hour. But the levels above the price are formidable: Glassnode's short-term holder cost basis sits at $75,600 and CryptoQuant's 365-day average at $76,400, and analysts say Bitcoin must reclaim the 365-day line to restore the bullish setup.
The weakness has spread across the market. Stablecoin supply has shrunk by $14.2 billion in a month, according to Glassnode data, tightening the liquidity that funds crypto trading, and even the standout among the top 30 assets, Monero, fell 5.2 per cent to $551.89. On-chain trackers logged 1,523 large transfers, with deposits to labelled exchange wallets totalling $2.6 billion against $2.2 billion withdrawn.
For traders, the immediate test is whether Bitcoin can hold above $71,000 and reclaim the 200-day moving average at about $73,200, the level analysts say separates a shallow correction from a deeper one. A daily close above $75,456 would reclaim Strategy's cost basis, while a sixth straight day of ETF outflows would keep the pressure on.
Figures in this post were checked at 06:05 PKT on Friday 13 November 2026.
This post is market news information only, not financial advice.
