Crypto · $BTC/USD
Bitcoin Slides to About $65,000 as US Spot ETFs Turn Net Negative for 2026 and Options Hedging Adds to Volatility
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The three-month low follows six straight days of ETF outflows through Thursday, a stronger dollar and rising Fed rate-hike odds.
By Noris Ortiz ·
Bitcoin slid to about $65,000 on Saturday, Nov. 14, a fresh three-month low, as selling that began on Friday carried into the weekend, CoinDesk reported at 11:33 a.m. ET [1]. The cryptocurrency fell nearly 3% after U.S. stock markets closed on Friday evening and was down 13.5% over the past week, while ether lost 18%, XRP 16.3% and Solana 18% over the same stretch [1].
The pressure on price has coincided with a steady drain from U.S.-listed spot bitcoin exchange-traded funds, which are widely watched as a gauge of institutional demand. Using SoSoValue data, CoinDesk calculated that the funds had recorded $1.56 billion of net outflows for 2026 as of Friday, Nov. 13, which puts them in the red for the year [2]. As recently as Oct. 29 they were up about $1.01 billion for the year, and a single day of $643.3 million in outflows on Oct. 30 cut that to about $368 million [2].
Weekly figures show the pace of the exits. The funds shed $643.6 million in the week through Thursday and $1.28 billion the week before, CoinDesk said [2]. The Block, also citing SoSoValue, reported that the $1.28 billion week ended Nov. 6 was the worst since late June, with BlackRock's IBIT accounting for $403 million of that Friday's outflows [3]. CoinDesk counted 12 weeks this year with net outflows above $500 million, compared with 15 in all of 2025 and four in 2024, and noted that four more such weeks in the final six weeks of 2026 would make it a record [2]. For scale, the funds took in a net $21.37 billion in 2025 and $35.24 billion in 2024 [2].
The macro backdrop has not helped. On Friday, CoinDesk reported that bitcoin dropped below $70,000 for the first time since August as the U.S. Dollar Index rose above 103, its highest level since April 2025 [4]. The CME FedWatch tool showed an 88% chance of a quarter-point Federal Reserve rate hike at the Dec. 8-9 meeting and a 12% chance of a half-point move, following hotter-than-expected inflation data, according to the same report [4]. A stronger dollar and higher bond yields tend to make riskier assets such as crypto less attractive, the outlet said, and liquidations reached $1.64 billion over 24 hours per CoinGlass, with 88.7% of them long positions [4].
A separate CoinDesk analysis published on Saturday pointed to options positioning as a possible amplifier of price swings [5]. Data from the options platform Greeks.Live showed bitcoin's net gamma exposure was negative from roughly $58,000 to $72,000 and turned positive only above about $73,000 [5]. Adam, a macro researcher at Greeks.Live, said bitcoin and ether had entered "deep negative gamma territory" [5]. When dealers are net short gamma, they must sell into declines and buy into rallies to hedge their books, which can widen moves in either direction, CoinDesk explained, while cautioning that positioning can change quickly [5]. Bitcoin was near $67,191 at 12:37 UTC, the article said, before the later drop to $65,000 [5].
James Check, an analyst cited by CoinDesk, described the latest move as the fourth capitulation event since bitcoin's all-time high and called the current price area a "deep value" zone, while noting that this does not mean a bottom is in [1]. That is one analyst's view, and other market participants may read the same data differently.
For the days ahead, the main markers are daily ETF flow figures, whether the dollar and Treasury yields keep climbing ahead of the Fed's Dec. 8-9 meeting, and whether bitcoin can reclaim the roughly $73,000 area where the options hedging effect turns positive.
Sources:
[1] CoinDesk, "Bitcoin slides to 3-month low of $65,000 as analyst flags fourth capitulation wave", November 14, 2026. https://www.coindesk.com/markets/2026/11/14/bitcoin-drifts-back-to-usd65-000-deep-value-zone-says-analyst
[2] CoinDesk, "Bitcoin ETFs are now down over $1.5 billion in net outflows for the year", November 13, 2026. https://www.coindesk.com/markets/2026/11/13/bitcoin-etfs-are-now-down-over-usd1-5-billion-in-net-outflows-for-the-year
[3] The Block, "Bitcoin ETFs flip negative for 2026 after $1.28 billion outflow week, worst since June", November 7, 2026. https://www.theblock.co/news/markets/2026-11-07-bitcoin-etfs-flip-negative-for-2026-after-1-28-billion-outflow-week-worst-since-june-435984
[4] CoinDesk, "Bitcoin falls below $70,000 as dollar surges and $1.6 billion liquidated", November 13, 2026. https://www.coindesk.com/markets/2026/11/13/bitcoin-hits-12-week-low-as-dollar-rallies-on-interest-rate-outlook-liquidations-top-usd1-6-billion
[5] CoinDesk, "A behind the scenes force may amplify bitcoin and ether price volatility", November 14, 2026. https://www.coindesk.com/markets/2026/11/14/a-behind-the-scenes-force-may-amplify-bitcoin-and-ether-price-volatility
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.