Bitcoin’s Price Slide: Selling Pressure, ETF Outflows, and Macro Hits

Bitcoin dropped hard recently, falling from above $91,000 to below $89,000 in under an hour. That triggered over $200 million in long liquidations across the crypto market, per data from Coinglass and CoinGecko shared by CryptoBriefing. Traders who borrowed to bet on higher prices got forced out when exchanges closed those positions to cap losses.

November marked Bitcoin’s worst month in seven years, with an 18% decline to a low of $82,100 before a brief rebound past $92,000, as CryptoBriefing reported. Other outlets like The Motley Fool and Binance Square peg the monthly loss at 17-21%, closing around $91,800 after dipping to $82,000 lows.

Heavy ETF Selling Adds to the Pain

U.S. spot Bitcoin ETFs saw $3.48 billion in net outflows for November—the biggest pullback since July—according to Trading News and BeInCrypto. Capital shifted from corporate treasuries like MicroStrategy into these funds, but overall demand stayed weak. BlackRock’s IBIT holds 6.8% of circulating Bitcoin, yet the outflows signal institutions pulling back.

Whales and Long-Term Holders Keep Selling

On-chain data shows whales sending Bitcoin to exchanges instead of holding. The Exchange Whale Ratio hit 0.68 late November before easing to 0.53, a level that often comes before price tops, Trading News notes. Long-term holders have net sold for six months straight, with the Hodler Net Position Change still negative, as detailed by BeInCrypto.

Heavy selling vaporized the $91,000 support level entirely, News Bytes Bitcoin News reported, leaving the market exposed amid ongoing volatility.

Bigger Economic Forces at Play

Bitcoin tracks stocks closely, with over 70% correlation to the S&P 500. The Fed’s December rate decision looms, with an 78% chance of rates staying above 3.5%, plus fallout from Japan’s yen carry trade unwind draining liquidity, per Trading News. These factors fueled drops below $90,000 and tie crypto moves to broader markets.

$200M+ liquidations from leveraged longs
$3.48B ETF outflows
Whales distributing, not accumulating
Macro squeezes from Fed and yen trades

These pressures explain the decline, though some signs like positive Coinbase Premium hint at U.S. buying picking up. Watch $90,000 support and $97,100 resistance for the next move.