Bitcoin Drops Below $65,000, Extending Weeklong Slide
Bitcoin fell below $65,000 on Saturday, trading at $64,595.23, down 5.57% from a day earlier.The drop extends a selloff that has taken the world’s largest cryptocurrency from above $74,000 earlier in the week. Steady withdrawals from U.S. spot bitcoin funds and a wave of forced selling in derivatives markets have added to the pressure.According to SoSoValue data, U.S. spot bitcoin ETFs posted $1.07 billion in net outflows last week, the second straight week with more than $1 billion leaving the funds. They lost money in all five sessions.The funds have now seen outflows for seven straight trading days, draining $1.91 billion since Nov. 5. That is their longest losing streak since a 10-session run from mid-June to early July.November’s outflows already total $2.35 billion, the largest monthly figure since June, and the funds are now down about $1.98 billion for 2026. BlackRock’s iShares Bitcoin Trust accounted for $143.5 million of Friday’s $185.5 million in redemptions.The selling was not limited to bitcoin. U.S. spot crypto ETFs lost about $1.55 billion combined last week, with ether funds shedding $398.9 million for a seventh straight negative week. Avalanche funds posted the only weekly inflow, at $227,000.Bitcoin had already fallen below $69,000 on Friday, its lowest level since August, as traders weighed Jensen Huang’s resignation as Nvidia CEO and expectations of another Federal Reserve rate hike on Dec. 9.Leveraged traders took heavy losses. More than $1.2 billion in positions were liquidated over 24 hours, most of them bets on higher prices, according to CoinGlass data.Ether broke below $1,800, down nearly 8% over 24 hours.