Bitcoin Drops Below $70,000 Amid Institutional Outflows

Bitcoin fell below $70,000 for the first time since August, triggered by a combination of institutional divestment and macroeconomic headwinds. U.S. spot bitcoin ETFs experienced five consecutive sessions of outflows, with November withdrawals approaching $2 billion, led primarily by BlackRock's iShares fund.

The decline coincides with a strengthening U.S. dollar and market anticipation of a Federal Reserve interest rate hike in December. This expectation follows a high inflation report and comments from New York Federal Reserve President John Williams, who stated that there is more work to do regarding monetary policy.

Speculative capital has also shifted away from digital assets due to a selloff in technology stocks and the upcoming Anthropic IPO, which could absorb nearly $90 billion. Market volatility intensified as over $700 million in leveraged positions faced forced liquidations in a single session.