Binance CEO Calls Bitcoin Selloff Normal as ETF Outflows Reach $1.91 Billion

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Binance CEO Calls Bitcoin Selloff Normal as ETF Outflows Reach $1.91 Billion

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Binance CEO Richard Teng called Bitcoin's recent selloff a normal reaction to tighter macro conditions. Binance Research data shows heavier net selling on a dollar-denominated exchange than on Binance, while US spot Bitcoin ETFs posted about $1.91 billion in outflows.

Binance CEO Richard Teng described the selloff as a normal reaction to tightening macro conditions and shifting sentiment around AI financing. In a November 15 post on X, he linked the decline to those factors.

Teng maintained that the market has not changed the larger picture. According to Teng: "the long-term case for Bitcoin and crypto remains intact," citing continued development of institutional infrastructure and adoption.

Bitcoin slides toward $62,000

Bitcoin was trading near $65,300, down nearly 3% over 24 hours. It had fallen to $62,081 during Sunday's session before recovering part of its losses.

Binance Research said Bitcoin declined 15.6% over 11 days, its steepest comparable selloff since June. However, the source notes the comparison with AI-linked assets does not establish that AI-related selling directly caused the losses.

Selling runs heavier on a dollar-based exchange

Binance Research reported that aggressive selling exceeded aggressive buying by 7,438 BTC on a major dollar-denominated spot exchange between November 11 and 14. Binance recorded a smaller imbalance of 2,707 BTC over the same period.

Researchers described the gap as unusual because Binance typically handles larger trading volumes. The figures do not identify the traders behind the orders or show whether institutional investors were responsible.

ETF outflows stretch across seven sessions

Farside Investors recorded $1.91 billion in net outflows from US spot Bitcoin ETF products across seven consecutive trading sessions between November 5 and November 13. On Friday, the funds lost another $185.4 million, including $143.5 million from BlackRock's IBIT and $41.9 million from Fidelity's FBTC.

Binance Research said it would monitor whether US spot selling and ETF withdrawals begin to ease. It named Nvidia's November 17 earnings call as the next development to watch for signals on financing commitments.

Source: crypto.news

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