Bitcoin Sinks Below $67,000 as Coinbase Blames the Fed, Not Binance

Bitcoin has tumbled below $67,000 after losing the $75,500 level and touching a low of $66,456, putting it down nearly 12% for the week. The slide triggered $663.83 million in liquidations, with $533.56 million of that coming from traders betting on longs.

In its weekly report, Coinbase Institutional pinned the fall on shifting Fed rate expectations rather than the Binance hack, and flagged the macroeconomic side as the bigger problem for Bitcoin.

October CPI rose 0.4% month-over-month and core CPI climbed 0.3%, each 0.1 percentage point above expectations. Fed Governor Christopher Waller said he would support a 25-basis-point hike that would put rates in the 4%–4.25% range, and warned a larger 50-basis-point move could be on the table if core inflation rose above 0.3%. Markets now price in roughly 64 basis points of Fed hikes over the next 12 months; earlier in November that figure sat at 37 basis points.

Higher rates make a non-yielding asset like Bitcoin less attractive, and a stronger dollar adds to the drag. The dollar index has climbed to 103.4, its highest since April 2025. Stablecoin supply has also dropped by $11.5 billion over the past 30 days, the largest decline Coinbase Institutional has recorded.

Spot Bitcoin ETFs are bleeding too. Outflows have hit a record $3 billion since October 30, with November 4 the only day in that stretch to log an inflow, at $74.6 million. MSCI confirmed Strategy will be removed from its global indexes after November 30, a move that could force index-tracking funds to sell around $2.8 billion worth of Strategy shares.

Coinbase Institutional sees $62,000 as the next major level if the $66,000–$68,000 range fails, while a move above $73,000 could improve the odds of a return to $80,000. Critic Peter Schiff is bracing for worse, saying selling could pick up if Bitcoin breaks below $50,000, potentially sending it toward its 2022 low under $16,500 — and adding, if that happens, “it's curtains for $MSTR.”