BTC fell to around 71,000, a new low in nearly 12 weeks.
As of 09:55 Beijing time on 11/13, OKX BTC-USDT was at 70,945, down about 3.7% from the 24-hour open, with a range of 70,678–74,100. CoinGecko reported roughly $28.6 billion in 24-hour trading volume across the market, a 7-day decline of about 6.5%, and BTC was the second-most-searched topic.
Several pressures are piling up: Nvidia announced that Jensen Huang is stepping down as CEO effective immediately, dragging tech stocks and other risk assets lower; MSCI will remove Strategy from its indexes on 11/30, raising concerns about passive selling; US CPI rose 0.4% month over month in October, above expectations; and spot BTC ETFs saw net outflows of about $1.44 billion over five consecutive days.
My take: This move is being driven by macroeconomic factors and sentiment in US equities, not by an issue specific to crypto. Next, watch for when ETF flows turn around and how much selling takes place before and after Strategy’s index removal. Until those two things improve, there’s no need to rush into calling a bottom; it’s more important to keep some cash on hand and buy in gradually.
$BTC
As of 09:55 Beijing time on 11/13, OKX BTC-USDT was at 70,945, down about 3.7% from the 24-hour open, with a range of 70,678–74,100. CoinGecko reported roughly $28.6 billion in 24-hour trading volume across the market, a 7-day decline of about 6.5%, and BTC was the second-most-searched topic.
Several pressures are piling up: Nvidia announced that Jensen Huang is stepping down as CEO effective immediately, dragging tech stocks and other risk assets lower; MSCI will remove Strategy from its indexes on 11/30, raising concerns about passive selling; US CPI rose 0.4% month over month in October, above expectations; and spot BTC ETFs saw net outflows of about $1.44 billion over five consecutive days.
My take: This move is being driven by macroeconomic factors and sentiment in US equities, not by an issue specific to crypto. Next, watch for when ETF flows turn around and how much selling takes place before and after Strategy’s index removal. Until those two things improve, there’s no need to rush into calling a bottom; it’s more important to keep some cash on hand and buy in gradually.
$BTC