Bitcoin hits three-month low near $62,000 after a 17% weekly fall

Here's what happened. Bitcoin fell about 8% after US stock markets closed on Friday evening and touched a three-month low just above $62,000, according to CoinDesk. That leaves it down 17% over the past week. Ether, the second-biggest coin, is down 22% over the same stretch.

Analyst James Check told CoinDesk this is the fourth wave of panic selling since bitcoin's all-time high. Many sellers, he said, bought in September above $80,000 and are now giving up. He thinks prices are in a "deep value" zone, but said that does not mean the bottom is in.

The pain is spreading. XRP, another large coin, hit 89 cents, its lowest since November 2024, CoinDesk reported. The combined value of the two biggest dollar tokens, USDT and USDC, fell to $244bn, the lowest since September 2025. Glassnode said the supply of these stablecoins fell by $17bn in a month, the steepest drop since 2022.

So where is the money going? Out of the funds, for one. US spot bitcoin ETFs, which hold bitcoin for ordinary investors, had seen $1.56bn more leave than arrive in 2026 as of 13 November, according to SoSoValue data cited by CoinDesk.