Bitcoin price has fallen nearly $8,000 in a week, dropping from above $81,000 to below $73,000 as shrinking stablecoin liquidity, leveraged trading losses and concerns about major stock market listings add pressure to the cryptocurrency.
Summary
- Bitcoin price fell nearly $8,000 in one week, dropping from above $81,000 to below $73,000.
- CryptoQuant reported a $6.6 billion contraction in USDT supply over the previous 60 days.
- Analyst Joao Wedson identified $579 million in exposed Bitcoin longs compared with $147 million in shorts.
- Cryptocurrency futures liquidations reached approximately $725 million as leveraged traders faced renewed selling pressure.
- Analysts are examining whether major AI IPOs attract capital from Bitcoin, although causation remains unproven.
According to crypto.news market data, Bitcoin price traded near $73,600 at the time of reporting, after briefly falling to approximately $72,700 on Tuesday. The latest decline followed weeks of selling, with investors withdrawing money from Bitcoin exchange-traded funds and reassessing the Federal Reserve’s interest rate outlook.
US spot Bitcoin ETFs recorded approximately $1.28 billion in net outflows during November’s first trading week, while hotter-than-expected US inflation figures added to concerns about borrowing costs.
The selling continued on November 10, with US spot Bitcoin ETFs recording $95 million in net outflows, marking the fourth consecutive trading day of withdrawals, according to SoSoValue. BlackRock’s IBIT accounted for $78 million of the withdrawals, marking its eighth consecutive trading session of outflows.
Bitcoin price falls as USDT supply shrinks by $6.6 billion
One of the less visible developments has been a decline in the supply of Tether’s USDT, the largest stablecoin by market capitalization.
In its November 10 research, CryptoQuant reported that USDT’s market capitalization had fallen by approximately $6.6 billion over 60 days.
The research firm described the contraction as the largest recorded since its data series began in mid-2022, exceeding the decline recorded following FTX’s collapse in December that year.
Stablecoins are widely used to fund cryptocurrency purchases, settle transactions and transfer money between trading platforms.
CryptoQuant explained that a falling stablecoin supply reduces the amount of readily available capital within the cryptocurrency market.
The report found that Bitcoin’s apparent demand had contracted by approximately 284,000 BTC over 30 days, its fastest decline since March 2025.
US buying activity remained weak, with the Coinbase Premium Index recording negative readings for 30 consecutive days.
Previously, crypto.news reported declining stablecoin liquidity alongside sustained Bitcoin ETF withdrawals and limited buying demand.
CryptoQuant’s Bull Score Index had fallen to 20 from 90 on October 13, indicating that several indicators tracked by the firm had deteriorated over the preceding month.
Leveraged Bitcoin longs
The second factor concerns the number of traders holding leveraged positions that depend on Bitcoin prices rising.
Crypto analyst Joao Wedson identified a large imbalance between long and short positions using his firm’s liquidation exposure metric.
In a Tuesday post on X, Wedson reported approximately $579 million in leveraged long positions exposed to liquidation, compared with $147 million in short positions, within a 10% price movement.
“Bitcoin and the entire crypto market are falling because there are too many Longs in the market!” he wrote.
Wedson argued that the imbalance could make downward price movements more damaging because leveraged long positions face forced closures as Bitcoin falls.
His figures represented estimated liquidation exposure, not positions that had already been liquidated.
Notably, CoinGlass data showed cryptocurrency futures liquidations climbing to nearly $725 million over 24 hours following Tuesday’s US inflation report.
Bitcoin accounted for around $200.5 million of those liquidations, with long positions representing approximately 85%.
Meanwhile, cryptocurrency futures open interest fell approximately 1% to $127.2 billion, while trading volume rose 24% to $204.8 billion.
Bitcoin funding rates remained positive at approximately 0.0078%, indicating that traders holding long positions continued paying those holding shorts.
The recent liquidation activity followed another wave of selling that pushed Bitcoin price below $75,000 as institutional withdrawals continued.
Anthropic IPO
Another theory gaining attention concerns large initial public offerings attracting investment capital that might otherwise remain in cryptocurrency markets.
Crypto analyst Crypto Rover compared Bitcoin’s latest decline with the correction preceding SpaceX’s June 2026 stock market debut.
In a November 10 post, Rover said Bitcoin fell nearly 29% before the SpaceX listing, while the cryptocurrency had declined approximately 16% ahead of Anthropic’s planned IPO.
“That’s TWO major IPO events coinciding with massive Bitcoin corrections,” he wrote.
Rover suggested that major public offerings could attract capital from other financial markets, including Bitcoin.
Anthropic’s latest SEC filing proposes selling 825 million Class A shares at $70 to $78 each.
The artificial intelligence company could raise approximately $64.4 billion at the top of that range, with Nasdaq trading expected to begin around November 19.
BitMEX co-founder Arthur Hayes previously warned about AI listings, arguing that heavy share issuance and potential selling could affect financial conditions and demand for Bitcoin.
The IPO comparison remains an analyst theory. The timing of the SpaceX and Anthropic offerings does not establish that either transaction caused Bitcoin’s decline.
Meanwhile, the broader altcoin market remained mixed, with most major cryptocurrencies trading lower. Ethereum held above the $2,000 support level despite falling 1.6% to around $2,055, while XRP declined to $1.06 and BNB traded near $680. Solana, Dogecoin, Hyperliquid, Uniswap, Quant and RAIN recorded losses.
Zcash was the worst performer, dropping 13% and trading below $1,000. Its privacy-focused rival Monero gained 5.6% to trade above $575. Meanwhile, BTW rose 10% to $1.08, while Avalanche gained 4% to approximately $8.70.
Moreover, CoinMarketCap’s Altcoin Season Index stood at 43, down from 49 the previous Thursday, as Bitcoin’s market dominance climbed to 60.5%. The Crypto Fear and Greed Index remained at 26, indicating continued caution among investors.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
