Key facts
- US spot Bitcoin ETFs logged six straight sessions of net outflows, about $1.49 billion from November 5 to November 12.
- Thursday's outflow was $47.7 million, per the report, extending the run of withdrawals.
- The funds still hold about $55.5 billion in cumulative net inflows, the report said.
- Futures-based probabilities as of November 13 put a quarter-point December hike at 91.9% and a half-point at 8.1%.
- Bitcoin's daily RSI fell to 25.4, a reading below 30 that is generally considered oversold.
- Bitcoin remained about 16% above its late-June low near $59,000 and about 21% below its autumn peak near $86,000.
Bitcoin fell to roughly $68,500 on November 13, its lowest price in 12 weeks, as renewed US inflation worries and investor withdrawals pushed the cryptocurrency lower. The token was down about 4.5% over 24 hours and 9.5% for the week, according to Friday market data. Ethereum traded near $1,925 and Solana slipped below $80 as selling spread across major cryptocurrencies.
The slide has erased most of Bitcoin's late-summer recovery but not all of it. Bitcoin remained approximately 16% above its late-June low near $59,000, even after retreating roughly 21% from its autumn peak around $86,000.
Chicago Federal Reserve President Austan Goolsbee warned on November 13 that inflation had spread beyond energy and tariffs, with rising services and medical costs and demand from AI data centers adding to price pressures. "Are we on a path back to 2%? My feeling right now is we are not and we've got to deal with that," Goolsbee said, according to Reuters. He did not explicitly endorse a December rate increase.
Fed Governor Christopher Waller said on Tuesday he supported raising interest rates by at least 25 basis points, or 0.25 percentage points, at the December 8-9 meeting. He set a threshold for a larger move: "If the October CPI inflation data out later today are similar to the past two monthly readings, with core CPI inflation around 0.3 percent or even higher, then a stronger policy move may be needed." The report subsequently showed core CPI rising exactly 0.3%, above the 0.2% forecast and meeting Waller's condition for considering a 50-basis-point increase.