Bitcoin slipped below $67,000 as a jump in U.S. producer prices pushed Treasury yields higher and renewed pressure on risk-sensitive assets. The cryptocurrency was last quoted at $66,971.49, down 2.26% over 24 hours and 11.55% for the week, while U.S. spot bitcoin ETFs recorded their seventh consecutive day of net outflows.
October's producer price index rose 0.3% from September and 6.5% from a year earlier, according to the figures provided, marking the fastest annual increase since 2022. The report added to concerns that inflation could remain elevated enough to keep U.S. monetary policy restrictive.
Treasury yields moved sharply higher in response. The 10-year yield ended at 5.154%, the 30-year yield closed at 5.481%, and the five-year yield reached 4.981%. Higher government-bond yields raise the return available from relatively low-risk assets and can place greater valuation pressure on technology shares, cryptocurrencies and other assets whose appeal depends heavily on future growth expectations.
Rate markets also repriced the outlook for the Federal Reserve. CME FedWatch showed an 88% probability of a December rate increase after the inflation data, while the U.S. dollar index ended the week at 103.41, up 1.09%. The VIX, Wall Street's commonly used measure of expected stock-market volatility, rose 3.21% on Friday to 19.30.
Bitcoin ETFs extend their outflow streak
U.S. spot bitcoin ETFs posted net outflows of $185 million on Nov. 13, bringing cumulative withdrawals over the previous two weeks to $2.35 billion. Year-to-date flows had turned negative by more than $1.5 billion, based on the figures supplied.
The withdrawals arrived during bitcoin's retreat from higher levels and reflect a more defensive market posture, though ETF flow data alone does not show why each holder bought or sold. ETF prices fell alongside the underlying asset: BlackRock's IBIT closed at $38.94, down 3.52% for the day and 9.19% for the week, while Fidelity's FBTC fell 3.50% to $59.86 and Bitwise's BITB declined 3.54% to $37.34.
Ether also weakened, trading at $1,890.59 after a 2.17% daily decline and a 15.41% weekly loss. BlackRock's ETHA fell 3.34% to $44.02.
Derivatives added to the selling pressure. Crypto markets recorded $1.6 billion in liquidations on Nov. 13, including $870 million tied to long positions, according to the supplied market data. Liquidations occur when trading platforms automatically close leveraged positions after collateral falls below required levels, often accelerating moves during sharp declines.
Corporate bitcoin holders face balance-sheet pressure
The selloff has sharpened attention on companies that use bitcoin as a treasury asset or collateral base.
Strategy reported holding 850,364 BTC after adding 1,036 coins in a Nov. 9 disclosure. Its average purchase cost was listed at $75,456 per bitcoin. At the reported bitcoin price of $66,971.49, the company's holdings were valued at about $56.95 billion against a cost basis of $64.17 billion, implying an unrealized loss of roughly $7.21 billion.
Strategy's Nasdaq market capitalization stood at $47.14 billion, placing the equity value at about 0.83 times the reported value of its bitcoin holdings. That discount underscores how traders are assigning value to the company's financing structure, operating business and exposure to future changes in bitcoin's price rather than simply treating the shares as a direct proxy for the cryptocurrency.
MSCI said on Nov. 11 that it would remove Strategy from its global indexes under a new rule covering non-operating companies. JPMorgan estimated that the decision could lead to $2.8 billion in passive selling, according to the supplied material. Index removals can force funds designed to track those benchmarks to sell shares, regardless of their views on the company's underlying assets.
Other crypto-linked companies have taken more direct action to protect liquidity. MARA sold 13,597 BTC over six weeks for $1.1 billion and announced a $500 million share buyback. BTCS sold ether at a discount as it worked to keep a $64 million Aave loan within health requirements. Its reported liquidation level was $1,717, below ether's latest quoted price but close enough to make further price weakness a central balance-sheet risk.
Nakamoto extended a $165 million Kraken loan by one year and deferred another $60 million facility, disclosures dated Nov. 13 showed. Hyperscale Data, which trades under the ticker GPUS, sold its remaining bitcoin, ended a $100 million bitcoin treasury plan and redirected its focus toward a Michigan artificial-intelligence data center.
Higher yields hit chip shares
The inflation data also landed during a turbulent week for Nvidia. Jensen Huang resigned on Nov. 12 after the company's board announced an investigation on Nov. 8, according to the supplied account. Chief financial officer Colette Kress was named interim chief executive, with the board inquiry still active through Nov. 13.
Nvidia shares fell 2.01% on Friday to $162.85 and finished the week down 12.75%. Its market capitalization was listed at $4.01 trillion after a recent decline that erased $1.7 trillion in value.
The Philadelphia semiconductor index dropped 3.43% on Friday to 10,146.32. AMD fell 8.75%, Broadcom lost 4.76%, and Marvell Technology declined 4.68%, although the index remained up 8.05% for the full week. The contrast suggests that the Friday decline followed a strong prior advance and came as traders reassessed the cost of financing capital-intensive AI and data-center expansion.
Some defensive or cash-generative companies held up better. Walmart rose 1.51%, Costco gained 1.28%, JPMorgan added 0.98%, and Meta advanced 2.90% on Friday. Cisco fell 6.24% after issuing a softer revenue outlook despite reporting earnings above expectations.
Attention now turns to Nvidia's Nov. 17 earnings report and Federal Reserve remarks scheduled in the coming days. For crypto markets, the immediate tests are whether bitcoin can maintain the $66,000-to-$67,000 area and whether spot ETF withdrawals continue beyond seven trading sessions.
Concerned about falling BTC and ETF outflows? Learn how macro shifts move crypto in this detailed guide.
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