BTC $68,794 
EQQQQ $655.75 Last updated 8 Nov 2026, 12:03 UTC
ETH $1,929 
MGLOEURO $111,813 
USDT $0.9992 
BNB $631.77 
USDC $0.9996 
XRP $1.02 
SOL $79.76 
TRX $0.3108 Markets · Explained
Bitcoin falls below $70,000 as liquidations pass $1.2 billion
BTC slid to about $68,750, its lowest in roughly two months, as a firm dollar, ETF outflows and tech-stock selling forced billions in leveraged closures.
Key takeaways
- Longs took the hit. Traders betting on higher prices made up the overwhelming majority of the wiped-out positions, with bitcoin longs alone accounting for about $653.5 million of roughly $677.5 million in BTC liquidations, per CoinGlass figures cited by
- Two tallies. The outlets reported slightly different totals from the same CoinGlass data: Crypto.news put 24-hour liquidations at about $1.23 billion across 151,000-plus traders, while CryptoPotato cited $1.4 billion and more than 170,000 traders.
- Institutional demand soft. Farside Investors data cited by Crypto.news showed $299.8 million of net outflows from US spot bitcoin ETFs on November 11, including $269.7 million from BlackRock's IBIT, for about $1.44 billion over five sessions.
What happened
Bitcoin broke below $70,000 on Friday, November 13, capping a week of steady losses and taking the largest cryptocurrency to its weakest level in roughly two months. Crypto.news reported that BTC traded near $68,750 in early trading after briefly touching about $68,500 on Binance, while CryptoPotato described the fall through $69,000 as the first such move in almost two months.
The decline was not limited to bitcoin. Ether fell below $2,000 to trade around $1,925, XRP sat barely above $1.00 and Solana changed hands below $80, according to the two outlets. CryptoPotato added that ZEC, DOGE, XMR and WBT each lost more than 6% within 24 hours.
Several factors were cited for the drop. The US Dollar Index climbed above 103 on Thursday, close to its highest reading in about 19 months, and stronger-than-expected inflation figures pushed Treasury yields higher while raising expectations that the Federal Reserve could lift rates again in December, Crypto.news reported. Technology shares also weakened after Nvidia confirmed that chief executive Jensen Huang had resigned, with chief financial officer Colette Kress named interim CEO.
Crypto.news also pointed to $299.8 million of net withdrawals from US spot bitcoin ETFs on November 11, led by BlackRock, and to fresh geopolitical tension after Iran's Islamic Revolutionary Guard Corps claimed it had attacked a US early-warning radar installation in Bahrain, a claim that US and Bahraini authorities had not immediately confirmed.
First $81.6KLatest $68.6K-15.9% over the period
Points are daily observations, not closing prices.
Why it matters
The liquidation figures show how much of the move was mechanical rather than a fresh repricing of bitcoin's fundamentals. Exchanges close leveraged positions automatically once losses eat into the collateral behind them, and those forced closures can add selling pressure precisely when prices are already falling, especially when many positions share similar liquidation thresholds. Bitcoin's slide through $75,000 and then $70,000 appears to have set off that chain.
The macro backdrop matters too. When cash and interest-bearing assets offer better returns, assets that pay no yield, bitcoin among them, can look less attractive to allocators. Combined with five consecutive sessions of ETF outflows, the week's price action suggests that both leveraged traders and some institutional buyers were reducing exposure at the same time.
What the data shows
CoinGlass data cited by Crypto.news put 24-hour liquidations at roughly $1.23 billion, affecting more than 151,000 traders. Bitcoin accounted for about $677.5 million of that, split between roughly $653.5 million in longs and $24.1 million in shorts, meaning long positions represented more than 96% of BTC's forced closures. The largest single liquidation reported was a $31.09 million BTC-USD position on Hyperliquid. CryptoPotato, citing the same data provider, gave a higher total of $1.4 billion, of which $1.26 billion came from longs and $155 million from shorts, with bitcoin at $742 million and ether at $250 million, and said the number of traders affected had risen above 170,000.
On the charts, Crypto.news noted that bitcoin opened the session near $71,460 before sliding to a low around $68,500. The outlet placed immediate support between $68,500 and $69,000, with a sustained break below that band potentially opening the way to $65,000, while a recovery above $70,000 would bring resistance at $71,000 to $71,500 into view. It also reported a Chande Momentum Oscillator reading of -88.53, indicating strong negative momentum and an oversold condition on the daily chart. Bitcoin has now given up roughly 45% of its value since its October 2025 record of $126,198, according to Crypto.news.
Background
CryptoPotato traced the week's sequence: bitcoin had reached $81,000 last Wednesday after a Democratic sweep in the midterms, then fell under $76,000 within a day and spent several sessions ranging between $75,000 and $76,000. A fresh leg lower took it beneath $74,000, and after the CPI release on Tuesday it slipped below $73,000. A rebound attempt on Wednesday stalled near $75,000 and was rejected, with BTC back at $73,000 before the Nvidia leadership news and Middle East tensions dragged it to $71,000, and then through $70,000 and $69,000 in the following hours.
Separately, Crypto.news reported that MSCI confirmed index changes due to take effect after November 30, including the removal of Strategy, the largest publicly traded corporate bitcoin holder. The outlet noted that the decision could push passive funds tracking those indexes to sell Strategy shares, but does not directly require the company to sell any bitcoin.
What to watch
Near-term direction may depend on the next round of US spot bitcoin ETF flow data and upcoming inflation figures, which Crypto.news said could shed light on institutional demand and on expectations for Federal Reserve policy. Traders will also be watching whether the $68,500 to $69,000 band holds. Crypto.news noted that analyst Doctor Profit remained bullish in a November 13 post, arguing that the correction had not erased bitcoin's recovery from the $60,000 lows; his view is one opinion among many and is not a forecast of future prices.
Questions readers ask
How much was liquidated during the bitcoin drop?
Figures cited from CoinGlass differed between outlets. Crypto.news reported about $1.23 billion across more than 151,000 traders, while CryptoPotato reported $1.4 billion and more than 170,000 traders. Both agreed that long positions made up the large majority.
Did Strategy sell its bitcoin because of the MSCI change?
No. Crypto.news reported that MSCI's index changes, effective after November 30, could force passive funds to sell Strategy shares, but the decision does not directly require the company to sell its bitcoin holdings.
What is a liquidation?
A liquidation is the automatic closure of a leveraged position by an exchange after losses reduce the collateral backing it below required levels. Crypto.news noted that these forced closures can intensify selling pressure when many positions hit their thresholds at similar prices.
