Bitcoin Slips Below $69,000 as Institutional Selling and Weak Liquidity Pressure Crypto Market

Bitcoin was trading at Rs. 64.7 lakh on Friday as cryptocurrency markets faced renewed selling pressure from institutional withdrawals, tightening liquidity and expectations of a December Federal Reserve rate hike. Ethereum (ETH) was priced at Rs. 1.82 lakh, while most major altcoins recorded gains over the past hour, according to the market prices shared. Market participants said concerns over elevated technology valuations, monetary policy uncertainty and declining institutional demand had weakened investor appetite for cryptocurrencies. According to CoinGecko data, Bitcoin traded at $68,700 (roughly Rs. 64.7 lakh), while Ethereum was priced at $1,930 (roughly Rs. 1.81 lakh). 

The world's largest cryptocurrency fell 1.1 percent in the 24 hours, according to the Gadgets 360 price tracker. Bitcoin's fall below its 200-day moving average of $73,100 (roughly Rs. 68.83 lakh) has added to concerns about its near-term outlook. Analysts said US spot Bitcoin ETFs recorded approximately $1.88 billion (roughly Rs. 17,718 crore) in net outflows across the first eight completed November sessions through November 11. They also highlighted weakness across the broader cryptocurrency market, with Ethereum, BNB, XRP and Solana recording declines. 

Major Altcoins Trade Higher as Bitcoin Extends Its Decline

Binance Coin (BNB) was priced at $632 (roughly Rs. 59,500), while Solana (SOL) traded at $80 (roughly Rs. 7,500). XRP was priced at $1.03 (roughly Rs. 97), while Dogecoin (DOGE) traded at $0.064 (roughly Rs. 5.6). 

Institutional Selling and Declining Liquidity Weigh on Bitcoin's Recovery

Discussing Bitcoin's continued decline, institutional investment activity and the impact of broader economic uncertainty, CoinSwitch Markets Desk said, “US spot Bitcoin ETFs witnessed nearly $300 million (roughly Rs. 282.5 crore) in outflows on November 11, taking cumulative withdrawals across five sessions to approximately $1.44 billion (roughly Rs. 13,562 crore). The selling pressure comes amid elevated inflation concerns and broader weakness in risk assets. Investors will now closely track upcoming US producer inflation data, Treasury yields and institutional flows.”

Highlighting Bitcoin's decline, weakening institutional demand and the impact of broader financial market conditions, Prateek Gupta, Head of Business at Mudrex, said, “Sentiment has taken another hit from MSCI's proposed removal of Strategy from its benchmark indexes, adding pressure on crypto-linked stocks. Institutional demand remains weak, with US spot Bitcoin ETFs recording $300 million (roughly Rs. 282.54 crore) in outflows on Wednesday, taking five-session withdrawals to $1.44 billion (roughly Rs. 13,562 crore). Liquidity is also contracting, with stablecoin supply down $14.2 billion (roughly Rs. 1,337 crore) in 30 days, its sharpest decline since 2022.”

Commenting on Bitcoin's extended decline, institutional withdrawals and weakness across major altcoins, Vikram Subburaj, CEO of Giottus.com, said, “US spot Bitcoin ETFs recorded approximately $1.88 billion (roughly Rs. 17,718 crore) in net outflows across the first eight completed November sessions through November 11. The weakness is also visible across altcoins [...] This broad weakness reflects cautious risk appetite rather than an isolated Bitcoin correction [...] Investors should avoid chasing short-term dips or using excessive leverage. Consider staggered entries and assess individual altcoins on their fundamentals.”

Overall, analysts said cryptocurrency markets remain under pressure as institutional selling, declining liquidity and expectations of tighter monetary policy weigh on investor sentiment. Bitcoin's ability to reclaim $72,000 (roughly Rs. 67.8 lakh) and subsequently move above $73,000-$74,000 (roughly Rs. 68.7 lakh-Rs. 69.7 lakh) will be important for improving its near-term outlook, while $68,000 (roughly Rs. 64.04 lakh) remains a key support level.