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Bitcoin drops below $72,000 as spot ETFs bleed $1.44 billion in five days and BlackRock's IBIT loses $2 billion in nine
Summary
Bitcoin fell below $72,000 on Thursday, its lowest level since mid-August, after Nvidia said CEO Jensen Huang had resigned and Strategy shares slid on MSCI's confirmed index exit, Bitcoin Magazine reported.
U.S. spot bitcoin ETFs lost about $300 million on Wednesday, their fifth straight day of outflows, bringing the five-day total to roughly $1.44 billion, according to SoSoValue data cited by Decrypt and Farside data cited by Cointelegraph.
BlackRock's IBIT accounted for $269.7 million of Wednesday's withdrawals and has now recorded more than $2 billion in net outflows over nine straight sessions, Cointelegraph and Bitcoin Magazine reported.
HashKey researcher Tim Sun told Decrypt the outflows reflect institutions cutting risk and are 'not yet sufficient to prove that Bitcoin's long-term allocation thesis has reversed.'
The selloff deepened late Thursday and early Friday as the U.S. dollar index hit a 19-month high: bitcoin broke below $70,000 (CoinDesk) and briefly touched about $67,555, its lowest since mid-August, before bouncing toward $69,800, with about $1.64 billion in liquidations over 24 hours, Bitcoin Magazine reported.
Updates
- Update, : Added Cointelegraph: bitcoin slid toward $71,000, its lowest since Aug. 20.
- Update, : Added The Block: bitcoin touched $71,200 and about $750 million in crypto positions were liquidated.
- Update, : Added CoinDesk: the selloff deepened late Thursday, with bitcoin below $70,000 and over $1.3 billion in liquidations.
- Update, : Added Bitcoin Magazine: bitcoin briefly hit about $67,555 early Friday, its lowest since mid-August, as liquidations reached about $1.64 billion and ETF outflows ran to a sixth day.
- Update, : Added CoinDesk: bitcoin hit a 12-week low Friday as liquidations topped $1.6 billion.
- Update, : Added The Block: about $798 million liquidated in four hours as bitcoin fell below $69,000.
Key facts
- Decrypt: net outflows for November so far total $1.88 billion, after $520 million left the funds in October, and the funds' total net assets have fallen to $93.7 billion, about 45% below their October 2025 peak of $169.5 billion.
- Decrypt: Sun estimated the average holding cost for spot bitcoin ETFs at around $81,000, meaning some holders are sitting on unrealized losses.
- Cointelegraph: Grayscale's GBTC saw $39.1 million in net withdrawals Wednesday, while the Morgan Stanley Bitcoin Trust ETF drew $9 million in net inflows.
- Decrypt: BitGo's Greg Cipolaro said the post-election bounce brought only $75 million into spot bitcoin ETFs, 'suggesting little fresh capital is waiting on the sidelines.'
- CoinDesk: bitcoin slipped 0.7% as Nvidia fell on reports its board might oust Huang, while spot bitcoin ETFs lost another $299.9 million.
- The outlets frame IBIT's share differently: Cointelegraph says it was about 90% of Wednesday's withdrawals, while Bitcoin Magazine says IBIT accounts for about 94% of November's outflows. Wednesday's total is given as $299.8 million (Bitcoin Magazine), $299.9 million (Decrypt, CoinDesk) and about $300 million (Cointelegraph).
- Cointelegraph: bitcoin slid toward $71,000, its lowest level since Aug. 20, as tech stocks fell after Nvidia CEO Jensen Huang's resignation.
- The Block: bitcoin fell as low as $71,200, a 12-week low, as Huang quit Nvidia and MSCI confirmed Strategy's removal, with $750 million in crypto positions liquidated.
- Late Thursday U.S. time, bitcoin fell below $70,000 to about $69,000, its lowest since Aug. 19, and ether dropped below $2,000, as the Dollar Index traded above 103, its highest since April 2025; more than $1.3 billion in crypto futures were liquidated over 24 hours, $677 million of it in bitcoin, citing Coinglass.
- Bitcoin briefly fell to about $67,555 around midnight Eastern on Friday, below its 200-week moving average near $68,000, before recovering toward $69,800 after October producer prices rose less than expected; about $1.64 billion in crypto positions were liquidated over 24 hours, and spot bitcoin ETFs logged a sixth straight day of outflows ($47.7 million Thursday, about $1.49 billion over the run).
- Bitcoin was down 3.5% since midnight UTC on Friday as the dollar climbed and liquidations topped $1.6 billion.
- About $798 million in crypto positions were liquidated over four hours as bitcoin fell below $69,000, including $718.5 million in longs.
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