Overview
- On Friday, Nov. 13, a cascade of forced liquidations erased roughly $1.4–$1.64 billion of leveraged crypto positions and drove Bitcoin intraday as low as about $67,555, its weakest level since mid‑August.
- The selling accelerated after Nvidia said Jensen Huang had resigned, and hotter U.S. inflation readings pushed traders to price a higher chance of a December Fed rate hike, prompting broader tech and crypto de‑risking.
- U.S. spot Bitcoin ETFs recorded multi‑day net outflows of roughly $1.44–$1.49 billion, removing an important institutional buyer and adding steady selling pressure on the spot market.
- Market plumbing showed stress that amplified the move: Glassnode reported about a $14.2 billion drop in stablecoin supply over 30 days and trading firms recorded thinner order books that left fewer buy orders to absorb large sales.
- Bitcoin briefly tested its 200‑week moving average near ~$68,000, a level that split analysts between declaring a bottom and warning of further downside, and traders are watching Nvidia’s Nov. 17 report, the Fed minutes on Nov. 18, the Nov. 25 PCE and the Dec. 8–9 Fed meeting for the next directional cues.