Bitcoin price slipped to around $95,900 on Nov. 14, its lowest level in about six months. The move came after a sharp wave of outflows from spot Bitcoin exchange-traded funds, which removed roughly $870 million from the sector in a single day. Extra supply from ETF redemptions, combined with weak risk appetite, pushed BTC below the $96,000 mark.
Bitcoin market capitalization dropped back under the $2 trillion level, while the broader fell in tandem. Many traders who used high leverage saw positions closed as prices broke below key psychological levels, including $100,000.
Derivatives platforms recorded heavy long liquidations during the move. Most of the forced selling came from bullish traders who had bet on a continued rally after the recent all-time high in October.