Bitcoin Price Slides Below $62K as Tom Lee Flags Market Risks

TLDR:

• Bitcoin price briefly fell below $62,000 before recovering above $65,000 on Sunday, following a decline from $81,000 on November 4.
• U.S. spot Bitcoin ETFs recorded $1.91 billion in net outflows across seven trading sessions through November 13,  SosoValue data shows.
• Crypto liquidations reached approximately $2.02 billion in 24 hours, including about $750 million in Bitcoin positions, CoinGlass data showed.
• Tom Lee cited possible pressure from tech stocks, Anthropic’s IPO and returned Binance funds, but did not quantify their effects.

Bitcoin price recovered above $65,000 on November 15 after briefly falling below $62,000 during a sharp weekend selloff. BTC traded near $65,900, down 1.8% over 24 hours, according to CoinGecko. The decline followed sustained withdrawals from U.S. spot Bitcoin exchange-traded funds and a wave of leveraged liquidations. 

The broader crypto market also came under pressure, with Ethereum near $1,800 and XRP falling toward $0.90. BitMine Chairman Tom Lee has suggested several possible reasons for the selling, including weakness in technology stocks. He also pointed to investors potentially raising cash for Anthropic’s planned initial public offering. 

Bitcoin price (BTC)

Bitcoin Price Falls as ETF Outflows and Liquidations Mount

The Bitcoin price began falling after it reached roughly $81,000 on November 4. The cryptocurrency fell below $70,000 on Friday before reaching its weekend low.  The selloff affected other cryptocurrencies. By Sunday, said the market had lost over $300 billion since Thursday. XRP briefly approached $0.90, while Solana, Dogecoin and Avalanche also posted steep losses. 

CoinGlass data showed approximately $2.02 billion in liquidations across the market during one 24-hour period. Bitcoin positions accounted for roughly $750 million, including almost $600.5 million in bullish bets. Forced closures of leveraged long positions can add selling pressure as the Bitcoin price falls.

Source: Coinglass

U.S. spot Bitcoin ETFs recorded about $1.91 billion in net outflows over seven consecutive trading sessions. The withdrawals ran through November 13, according to SosoValue data. Friday’s withdrawals totaled $185.4 million, including $143.5 million from BlackRock’s IBIT. ETF withdrawals alone cannot fully explain every individual Bitcoin price movement.

Economic concerns have also weighed on risk appetite. U.S. consumer prices rose 0.4% in October, above forecasts, strengthening expectations for a December Federal Reserve rate hike. The dollar also strengthened as rate expectations shifted.

The Bitcoin price remains below the 67,800–68,000 area traders are watching as resistance. Another decline toward $62,000 would test the recent low. A break below that zone could bring $60,000 into focus, while a recovery above resistance could improve the outlook. 

Tom Lee Names Possible Causes of the Crypto Market Selloff

Lee said the downturn in artificial intelligence and semiconductor stocks, especially Nvidia, may have triggered margin calls. He suggested retail investors in Asia could have sold assets to meet collateral requirements. 

Lee also pointed to Anthropic’s planned IPO. He suggested investors, including potential Robinhood customers, may be selling crypto to raise cash for shares. Anthropic has filed for an offering, with trading expected to begin on November 19. Its filing does not show how much cryptocurrency investors have sold to participate. 

Another possible pressure, Lee said, involves Binance customers converting returned assets into cash or stablecoins after the exchange’s October hack. Chainalysis estimated the theft at $6.4 billion. Public recovery figures do not show how much returned crypto customers subsequently sold. 

Lee also cited fears that AI could disrupt cybersecurity and concerns about U.S. scrutiny of chip exports to Asia. He presented these as possible contributors to the crypto market selloff. 

Despite the Bitcoin price decline, Lee maintained his view that crypto could enter another long-term supercycle. BitMine’s November 9 disclosure listed 6.07 million ETH, representing 4.97% of supply. It included 5.23 million staked ETH. 

BitMine bought 9,587 ETH during the preceding week. It reported $6.23 billion in unrealized digital asset losses for its fiscal year ending August 31. 

Ethereum faced selling pressure too. Farside reported $398.9 million in U.S. Ethereum ETF net outflows from November 9 through 13. Friday saw a $2.3 million inflow. 

Onchain Lens reported that an Ethereum Foundation-linked wallet sold 7,500 ETH over four days. The sales raised roughly 14.52 million USDS, including 4.597 million from the latest 2,500 ETH sale.

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