QCP: Bitcoin drops below $70,000, spot ETFs see $1.44B in weekly outflows

On November 13, QCP stated in its latest Market Colour that Bitcoin fell below $70,000 for the first time since mid-August, reaching a low of $67,555. Over $1.3 billion in futures were liquidated within 24 hours, with Bitcoin accounting for $677 million, while ETH briefly dipped below $2,000.

Spatial Bitcoin ETFs recorded a combined net outflow of $1.4379 billion from November 5 to 11, with daily outflows of -$430.2 million, -$411.9 million, -$201.0 million, -$95.0 million, and -$299.8 million respectively; net outflows were confirmed after IBIT saw a $213.2 million outflow on the 9th. QCP also noted that MSCI will remove Strategy from the index after the closing bell on November 30, with sell-side firms estimating this could generate approximately $2.8 billion in selling pressure.

On the macro front, QCP reported that the US Dollar Index rose to 103.18, nearing a high last seen since April 2025, while the USD/JPY exchange rate touched 160.03. NVIDIA closed down 4.34% at $166.19 following news of Jensen Huang's resignation, while the S&P 500 fell just 0.35% to 7,592.40, and the VIX closed at 18.70, which was described as a "single-stock shock being absorbed." Markets have fully priced in a December rate hike, with roughly 13% probability assigned to a 50-basis-point increase, and are beginning to factor in a rate hike for March next year.