Overview
- A concentrated liquidation cascade over Nov. 12–13 forced roughly $1.4–$1.6 billion of leveraged crypto positions to close, with about 85–89% of those liquidations coming from long bets.
- The price briefly fell to roughly $67,500–$69,000 and traded under the widely watched 200‑week moving average, marking Bitcoin’s weakest levels since mid‑August before a partial rebound after Friday’s PPI print.
- U.S. spot Bitcoin ETFs have recorded sustained net outflows, including about $299.8 million on Nov. 11 and roughly $1.44 billion across five days, which drained a key source of institutional buying pressure.
- Market structure and cross‑market shocks amplified selling because index rebalancing will force funds to sell Strategy (MSTR) shares, ETF redemptions often require on‑chain Bitcoin sales, and Nvidia’s abrupt leadership change weakened tech‑linked risk appetite.
- Liquidity risks remain elevated because stablecoin supply has contracted by about $14.2 billion over 30 days, order books are thin, funding rates have turned neutral to negative, and traders will watch the coming weekly close and Fed policy signals for the next directional cue.