QCP: Bitcoin Falls Below $70,000 as Spot ETFs See $1.44 Billion Weekly Outflows

According to TechFlow, on Nov. 13, QCP said in its latest Market Colour that Bitcoin fell below $70,000 for the first time since mid-August, reaching a low of $67,555. More than $1.3 billion in futures were liquidated within 24 hours, with Bitcoin accounting for $677 million, while ETH briefly slipped below $2,000.

Spot Bitcoin ETFs recorded a combined net outflow of $1.4379 billion from Nov. 5 to Nov. 11, with daily net flows of -$430.2 million, -$411.9 million, -$201.0 million, -$95.0 million and -$299.8 million. On Nov. 9, a $213.2 million outflow from IBIT confirmed a shift to net outflows. QCP also noted that MSCI will remove Strategy from its index after the close on Nov. 30, and sell-side estimates suggest this could generate roughly $2.8 billion in selling pressure.

On the macro front, QCP said the US Dollar Index rose to 103.18, close to its highest level since April 2025, while USD/JPY briefly touched 160.03. Nvidia closed down 4.34% at $166.19 after Jensen Huang's resignation, while the S&P 500 fell just 0.35% to 7,592.40 and the VIX closed at 18.70, described as a single-stock shock that was absorbed. Markets have fully priced in a December rate hike, with about 13% betting on a 50 basis point move, and have begun pricing in a rate hike in March next year.

Source: TechFlow