Liquidation Cascade Sends Bitcoin Below $69,000

The drop leaves markets vulnerable until ETF flows and stablecoin reserves recover, which could prolong downward pressure on prices.

Overview

On Friday, November 13, roughly $1.4–$1.47 billion of leveraged crypto positions were liquidated in a 24‑hour cascade that pushed Bitcoin intraday as low as about $67,568.
Long positions bore the brunt of the closures, accounting for about 80–90% of liquidations and leaving more than 100,000 traders with forced exits.
Bitcoin took the largest share of losses, about $783 million, followed by Ethereum and Solana, and exchanges reported large single forced sales such as a roughly $31 million Bitcoin close on Hyperliquid.
The sell-off accelerated after higher-than-expected U.S. inflation raised Fed tightening odds and a sudden Nvidia leadership shock worsened risk sentiment, while net outflows from U.S. spot Bitcoin ETFs reduced institutional demand.
Stablecoin supply has fallen materially over the prior month, limiting the primary on‑ramp for buyers and meaning the market may remain fragile until ETF flows stabilize and stablecoin liquidity rebuilds.