Bitcoin prices dropped below $69,000 on Friday marking a significant decline as more than $1.41 billion in cryptocurrency futures positions were liquidated within 24 hours.
The market, which has seen its total capitalization plunge from levels seen in early October to roughly $1.4 trillion as of mid-November, faces pressure from shrinking stablecoin liquidity and negative outflows from spot Bitcoin ETFs.
The downturn pushed Bitcoin to its lowest levels since August 19, 2026. This sell-off was exacerbated by the forced unwinding of leveraged positions, with CoinGlass data showing that 185,172 traders were impacted by the volatility.
Realized losses are dominating Bitcoin trading today. On a weekly basis, net realized PnL stands at -$191M. Over the last 3 days, investors have realized between $657M and $703M in losses on Bitcoin per day. These are not yet losses on the scale of what we saw in early August,… pic.twitter.com/qyKaSGaT73
Long positions—bets that the price would rise—accounted for approximately 89.5% to 95.3% of the total liquidated volume, according to reporting on market activity. The largest single order was a $31.09 million Bitcoin long on the Hyperliquid exchange, which was closed at $72,250 as the asset began its slide.
Jiang Zhuoer, who identified the next support level at $69,100, said that the asset had fallen below the 50% Fibonacci retracement level of its previous rally at $72,600.
🗞️ Bitcoin Under Pressure as Spot Selling Takes Over on Binance and Coinbase Buying pressure in the Bitcoin spot market has faded quickly. On Binance and Coinbase, two of the largest exchanges, sell volume now outweighs buy volume. The midterm election results contributed to… pic.twitter.com/RMpeEHcXyQ
US-listed spot Bitcoin ETFs have recorded $1.44 billion in withdrawals over five consecutive sessions, according to recent market analysis. This turn in sentiment has left these funds in the red for 2026, with $1.56 billion in net outflows recorded.
This is a stark reversal from previous years; funds saw $21.37 billion in net inflows during 2025 and $35.24 billion in 2024. The supply of major stablecoins has decreased by $14.2 billion over 30 days, depriving the market of the capital needed to absorb selling pressure.
Weakness in technology stocks has reinforced the broader de-risking move, and once Bitcoin lost the $72,000-$73,000 area, forced liquidations accelerated the decline. Zhang stated
The financial environment remains sensitive to interest rate expectations. Following stronger-than-expected October inflation data, traders have priced in an approximately 80% chance of a Federal Reserve rate hike in December. This shift has bolstered the US Dollar Index, which traded above 103, its highest level since April 2025. Rising rates increase the cost of holding non-interest-paying assets like Bitcoin, according to sector analysis.
The Crypto Fear & Greed Index plummeted to 20 on November 13, indicating "Extreme Fear" among market participants. Institutional trading platform Talos reported in its weekly analysis that order-book depth across Binance, Kraken, and Coinbase dropped to $72 million on November 9, roughly 33% below normal levels.
Binance’s highest liquidations since 2021 signal a fresh wave of deleveraging “Reducing leveraged positions lowers the risk of cascading liquidations and can give spot demand a greater role, helping build a stronger market structure for Bitcoin.” – By @Darkfost_Coc pic.twitter.com/2aomhaH8AK
Earlier coverage: Bitcoin Hits Two-Month Low Amid Post-Election Political Shifts
BREAKING: Bitcoin falls below $69,000 and ETH nears $1,900 as selling pressure accelerates in crypto. Crypto markets have now lost -$150 billion in 48 hours. pic.twitter.com/29QW0khxOh
More on Bitcoin
Bitcoin's Rebound Fades as Spot Demand Weakens and Miner Flows Surge “Leverage is being unwound, but spot demand has not recovered sustainably.” – By @xwinfinance pic.twitter.com/n03axjQKqt