Bitcoin slides into $65K–$68K cost-basis zone holding 855,000 BTC

Bitcoin traded at $67,105.61 at 12:31 UTC on Nov. 14, down 11.6% over seven days and 3.04% in 24 hours, per CryptoSlate data. The slide dropped it into a $65,000–$68,000 range where Coinbase Institutional estimates 855,000 BTC last moved. Last-moved prices act as a proxy for what buyers paid, so the band is a break-even zone for a big crowd of holders.

In its Nov. 13 commentary, Coinbase pegged $66,000–$68,000 as potential support, citing the cost-basis concentration sitting on top of historical pivot levels and Bitcoin's 200-week moving average. The estimate uses Nov. 10 inventory. Some holders may defend the level; others could sell into a bounce to claw back their entry price. Coinbase's own caveat: the diagrams don't show completed absorption or sales by that 855,000 BTC cohort.

Institutions are pulling the other way. US spot Bitcoin ETFs logged $185.4 million in net outflows on Nov. 13, according to Farside Investors, stretching withdrawals across five consecutive sessions to $1.065 billion. That weakens demand through a major channel right when Bitcoin needs fresh money to absorb seller supply, leaving it more reliant on spot buyers.

Not every big wallet is retreating. Glassnode's Nov. 11 research spotted accumulation among wallets holding 100–1,000 BTC and 1,000–10,000 BTC, while other size groups kept cutting balances. The firm also saw more resting buy orders than sell orders within 5% of spot on Binance and Coinbase — though it warned some of those bids were already pulled during the selloff, clouding how much liquidity sticks around.

Macro isn't helping. The Bureau of Labor Statistics reported Nov. 13 that US producer prices excluding food, energy and trade services rose 0.5% month-on-month, seasonally adjusted, and 4.9% annually, unadjusted. Coinbase warned more Federal Reserve rate hikes could hurt Bitcoin because it throws off no yield, and pricier borrowing could keep leveraged traders from supplying liquidity.

Whether Bitcoin holds $65,000–$68,000 now rides on selective buying outrunning ETF redemptions and selling from other holder groups. A sustained break below $65,000 would undercut Coinbase's support thesis and deepen unrealized losses for investors who bought inside the cluster.