Bitcoin fell to about $67,106 as it entered a price range where a large volume of coins last changed hands, while U.S. spot Bitcoin ETFs posted net outflows for a fifth consecutive trading day. Accumulation by some large holders has offered a counterpoint, but weaker institutional demand, selling by other wallet groups and elevated inflation data leave the $65,000–$68,000 range under pressure.
At 12:31 p.m. on November 14, Bitcoin was trading at $67,105.61, down 3.04% over 24 hours and 11.6% over seven days. Coinbase Institutional estimates that about 855,000 BTC were last moved at prices between $65,000 and $68,000, representing an estimated cost basis of roughly $57 billion.
About 855,000 BTC sit in the cost-basis zone
The price at which a token last moved on-chain is commonly used as a proxy for its holder’s purchase price. When Bitcoin approaches that level, some investors may continue holding, while others may sell into a rebound to recover their investment. A concentration of cost bases therefore does not, by itself, guarantee new buying or establish reliable support.
In a November 13 market note, Coinbase identified $66,000–$68,000 as a potential support area, citing the concentration of holder cost bases, historical price turning points and the nearby 200-week moving average. The cost-basis estimate, however, uses holdings data from November 10, while the quoted Bitcoin price is from November 14 at 12:31 p.m. The figures do not show whether holders in this group have absorbed selling or whether they are currently selling.
Spot Bitcoin ETFs lose more than $1 billion in five sessions
U.S. spot Bitcoin ETFs recorded net outflows of $185.4 million on November 13. Data from Farside Investors show cumulative outflows of $1.065 billion over five consecutive trading days. The sustained withdrawals point to weaker demand from a major investment channel as Bitcoin tests the cost-basis zone.
If redemptions continue, the market may rely more heavily on spot buyers to absorb sales from existing holders. ETF outflows do not determine the next price move, but persistent withdrawals during a decline increase the need for fresh buyers to step in.
Large wallets accumulate, but visible bids may not hold
On-chain research published by Glassnode on November 11 found that wallets holding 100–1,000 BTC and 1,000–10,000 BTC were accumulating, while other wallet cohorts continued to reduce their holdings. Glassnode also observed more buy orders than sell orders within 5% of Bitcoin’s spot price on Binance and Coinbase, suggesting some traders were positioning to buy if prices fell further.
Some of those bids were withdrawn during the sell-off, Glassnode said. It remains uncertain whether the visible buying interest will persist or absorb trades if selling intensifies. Selective accumulation by large wallets is unfolding alongside ETF outflows and reduced holdings among other groups, leaving demand signals mixed.
U.S. producer-price data add to rate concerns
Data released by the U.S. Bureau of Labor Statistics on November 13 showed that the producer price index excluding food, energy and trade services rose 0.5% month over month in October on a seasonally adjusted basis. The unadjusted year-over-year increase was 4.9%. Persistent inflation could influence expectations for the Federal Reserve’s interest-rate path.
Coinbase warned that further Fed rate increases could weigh on Bitcoin’s appeal relative to interest-bearing assets, while higher borrowing costs could also limit liquidity from leveraged investors. Whether Bitcoin holds the $65,000–$68,000 range will depend in part on whether accumulation by large holders can offset ETF redemptions and selling by other investors. A sustained move below $65,000 would weaken Coinbase’s support case and could deepen unrealized losses for buyers in the range.