Bitcoin extended its decline on Nov. 13 as U.S. spot BTC ETFs logged their second-largest daily outflow on record, adding further pressure to an already weakening market. BTC is trading at $97,527 at press time, down 5.5% in the past 24 hours and 22% below its October peak at $126,080.
Despite the drawdown, trading activity surged. Total volume jumped 50% in the past day, while futures trading climbed 34% to $153 billion. Open interest slipped 2% to $66.65 billion, a sign that leveraged positioning is resetting rather than building into a strong directional trend.
Spot BTC ETF outflows accelerate
U.S. spot Bitcoin ETFs saw $869 million in net outflows on Nov. 13 — the second-largest daily withdrawal in history after Aug. 1. Grayscale’s Mini BTC led with more than $318 million in redemptions, followed by BlackRock’s IBIT with $257 million and Fidelity’s FBTC with $119 million.
Outflows of this size typically reflect institutional de-risking, reducing immediate spot demand and amplifying short-term downside pressure.
Gerry O’Shea, head of global market insights at Hashdex, told crypto.news that Bitcoin’s consolidation is being shaped by both macro conditions and long-term holder selling. He noted that expectations for a December rate cut have faded and that many U.S. long-term holders are locking in profits ahead of year-end.
O’Shea added that Bitcoin’s post-ETF environment is marked by lower volatility and more structured accumulation, suggesting long-term institutional demand remains intact despite near-term weakness.
U.S. market forces responsible for decline
Analysts at CryptoQuant say the current price action is largely U.S.-driven. The Coinbase Premium Index has remained negative for weeks, indicating BTC trades at a discount in the U.S. relative to overseas markets — a sign of stronger American selling pressure. This aligns with a recurring pattern of overnight recoveries followed by declines during U.S. trading hours.
Long-term holders across nearly all age cohorts have been selling, pointing to widespread tax positioning among U.S. investors. Fidelity also highlighted that many long-term holders are closing profitable positions heading into year-end.
Macro conditions added to the drag. The recent U.S. government shutdown produced a temporary fiscal surplus, tightening liquidity and reducing demand for risk assets. Weak U.S. equities, lower crypto-related stock valuations, and diminishing expectations for rate cuts further pressured sentiment.
Analysts expect conditions to improve once liquidity levels stabilize.
Bitcoin price technical analysis
Bitcoin remains firmly in a downward trend, trading below all major moving averages from the 10-day to 200-day levels. Strong resistance sits between $102,000 and $110,000.
Price action near the lower Bollinger Band suggests short-term exhaustion, though selling pressure persists.
Momentum indicators remain weak. The RSI is at 33 and approaching oversold territory, while both the MACD and awesome oscillator remain negative. Some short-term metrics show slight improvement, hinting that selling momentum may be slowing.
Immediate support sits in the $96,500–$97,000 range. A breakdown below this zone could open the door to $92,000 or even the $88,000–$90,000 region.
For any recovery to gain traction, BTC must reclaim $102,000 and then challenge key resistance at $106,000 and $110,000.
