Bitcoin slipped below $70,000 to around $68,888 as a brutal deleveraging wave erased $856 million across crypto. Weak spot demand, ETF outflows, and potential miner selling are now challenging the recovery narrative.

  • Bitcoin liquidations reached $454.7M, with longs representing 96%.
  • Spot and perpetual-futures demand fell by 362,000 BTC combined.
  • ETF outflows totaled $300M on November 11 and $48M the next day.

LaunchBar view: this is not just a chart pullback—it is leverage meeting shrinking institutional demand. Traders should avoid blindly buying the dip until BTC reclaims $70K with stronger spot flows; miner-to-exchange transfers of 2,077 BTC add another downside risk.