Bitcoin is facing another wave of selling pressure as uncertainty continues to weigh on the broader crypto market. BTC price dropped to an intraday low of $67,568 before recovering slightly to $68,730 after retreating from the day’s high of $71,514. The latest decline has further weakened its technical structure, particularly after the price slipped below the 200-day moving average, which had acted as a key support over the past few months. Since then, Bitcoin has struggled to regain momentum, forming a series of lower highs and lower lows.
What is even more worrying is that there is no convincing recovery even after the steep fall. Every rally attempt has been met with selling pressure, raising questions about whether Bitcoin is heading for another leg down or simply going through a short-term correction before attempting to bounce back.
The bigger question is whether investors are simply waiting for greater clarity or actively reducing their exposure to the crypto market. A closer look at institutional activity, capital flows and market positioning offers some clues about what is driving the continued selling pressure and whether Bitcoin can find enough demand to recover.
BTC ETF Outflows Persist as Institutional Demand Remains Weak
Bitcoin spot ETFs have continued to see outflows, suggesting that institutional investors are still reluctant to increase their exposure despite the recent price decline. The chart shows net withdrawals for six consecutive trading sessions between November 05 and November 12.
The largest outflow came on November 06, when approximately 5,420 BTC left the ETFs. Withdrawals continued over the following sessions, reaching around 2,690 BTC on November 09 and 1,260 BTC & 4,060 BTC in the next two days. However, outflows dropped to 644.76 BTC, but buying was limited and failed to trigger a recovery. This suggests the institutions have yet to show a strong willingness to buy the dip.
Coinbase Premium Turns Deeply Negative as US Buying Demand Weakens
Bitcoin’s weakening demand is also evident in the Coinbase Premium Index, which has fallen sharply into negative territory. The latest Glassnode data shows the 30-day average premium approaching -4 basis points, one of its lowest readings.
The Coinbase Premium tracks the price difference between Bitcoin on Coinbase and the broader global market. When it turns positive, it generally signals strong buying demand; however, the current readings are negative, which suggests US buyers are not stepping in aggressively. As long as the premium remains deeply negative, the lack of strong US buying interest could continue to hinder the BTC price recovery.
BTC Miner Selling Pressure Rises as 2,077 Tokens Flow to Exchanges
Adding to Bitcoin’s demand concerns, miner-to-exchange transfers have recorded a sharp increase, raising the possibility of further selling pressure. According to CryptoQuant, miners have transferred nearly 2,077 BTC to exchanges in the latest spike, representing a nearly 16-fold increase from the previous levels.
In times when the BTC price is struggling to attract fresh spot demand, an increase in potential selling supply from miners could add more pressure. However, a higher miner-to-exchange ratio does not automatically mean all the transferred BTC will be sold. But with weakening institutional demand and an increase in the miner-to-exchange ratio, the markets could face additional supply pressure.
Bitcoin Spot Demand Rises While Overall Demand Remains Negative
The CryptoQuant data shows a divergence between the spot and the futures activity, suggesting that buyers are beginning to return to the spot market while demand from derivatives traders continues to deteriorate. The 30-day cumulative spot demand has started recovering after remaining under pressure, indicating some investors are gradually stepping in to buy BTC at lower prices.
On the other hand, perpetual futures demand is moving in the opposite direction, indicating traders are becoming less willing to maintain leveraged bullish positions. This divergence is worth monitoring in the coming sessions, as if spot demand continues to improve & future activity stabilises, BTC price could gradually regain buying support. If future demand continues to fade and spot buying loses momentum, the current recovery attempt could struggle to gain traction.
Bitcoin Price Prediction: Can BTC Defend $67,500 as Buying Demand Weakens?
Bitcoin’s inability to recover above $68,000 reflects more than just a technical breakdown. Persistent ETF outflows, a deeply negative Coinbase Premium and rising miner-to-exchange transfers point to weak buying interest and the possibility of additional selling supply. Although spot demand is showing early signs of recovery, the broader demand trend remains negative.
For now, the BTC price needs stronger spot buying and a sustained improvement in market sentiment to regain its footing. Until then, the risk of another move lower remains, with investors watching whether the $67,500 region can hold as support or give way to further downside.
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