Bitcoin falls below $70,000 as exchanges close leveraged bets
Bitcoin touched $67,555 on Coinbase as forced closures piled up during the US evening. One Bitcoin long worth $31.09 million was liquidated on Hyperliquid.
Bitcoin'sBTC-4.23% fall below $70,000 swept through leveraged markets, including perps, contracts without expiry dates, as exchanges closed $1.65 billion of crypto positions. Most of it, $1.07 billion, came in the final 12 hours, which covered the US evening and the break below $70,000. Traders betting on a rise took 88.9% of the closures.
CoinShares research head James Butterfill said a short squeeze can lift prices quickly. A durable recovery, he said, needs buyers committing fresh capital. Rates, inflation and fund flows help show whether that demand is returning.
| Measure | Window or observation time | Figure | Source and scope |
|---|---|---|---|
| Bitcoin low | Hour beginning midnight ET, November 13 | $67,555 | Coinbase data reported by Unchained |
| All tracked crypto liquidations | 24 hours to about 3:10 a.m. ET, November 13 | $1.65 billion | CoinGlass data reported by Unchained |
| Bullish share of tracked liquidations | Same 24-hour window | 88.9% | CoinGlass data reported by Unchained |
| Bitcoin long liquidations | 24 hours to about 10:52 UTC on November 13, CryptoSlate reported | $869.89 million | CoinGlass data reported by CryptoSlate |
| Bitcoin short liquidations | Same 24-hour window | $31.18 million | CoinGlass data reported by CryptoSlate |
| Bitcoin long liquidations | Four hours to about 10:52 UTC, November 13, CryptoSlate reported | $559.87 million | Overlaps the 24-hour window |
| Single Hyperliquid liquidation | During Unchained's 24-hour window | $31.09 million | One Bitcoin long position |
Bitcoin first traded below $70,000 on Coinbase, a crypto exchange, after 9 p.m. Eastern Time (ET) on November 12, Unchained reported. An hour later, the price was still below that level.
Bitcoin then touched $67,555 on CoinbaseCOIN-4.07% during the hour beginning at midnight. CryptoSlate later reported a rolling 24-hour low of $67,921 from a different observation window.
Bitcoin traded at $68,624 at 3:18 a.m. ET. It was down 6.7% over 24 hours and 9.4% over the seven days to November 13.
Why it matters
A liquidation works like a margin call that the venue settles by closing the trade. The figures measure the value of positions forced shut, rather than traders' net losses or the change in Bitcoin's market value.
The closures added another source of pressure as prices fell. CryptoSlate said forced exits offered a plausible way for the decline to deepen, though the initial trigger remained unresolved.
A later CoinGlass reading showed how heavily the move hit buyers. Bitcoin long liquidations reached $869.89 million over 24 hours, against $31.18 million for shorts.
Interest rates formed part of the backdrop. The 10-year Treasury yield reached 5.10% on November 12, up from 4.88% on November 9. The Treasury derives constant-maturity yields from indicative bid-side quotations near 3:30 p.m., rather than actual transactions.
Inflation also stayed firm. The October Consumer Price Index rose 0.4% from September, while the measure excluding food and energy increased 0.3%.
Money was also leaving listed Bitcoin funds. US spot Bitcoin ETFs recorded $299.9 million of net outflows on November 11 and $1.88 billion for November through that date.
CoinShares' trading range comes under pressure
The drop challenged CoinShares' base case for Bitcoin to trade between $70,000 and $90,000 into 2027. Research head James Butterfill said traders "should not assume it represents a hard floor."
Butterfill said a lasting move above the top of the range would likely require easier-rate expectations, renewed buying by large holders or both.
One Hyperliquid position shows the stakes
Hyperliquid, a crypto exchange, closed one Bitcoin long worth $31.09 million during the selloff. That was one position, while the wider totals cover forced closures across markets tracked by CoinGlass.
What's next
October producer-price data is due at 8:30 a.m. ET on November 13, followed by Nvidia'sNVDA-3.80% quarterly results on November 17.
The Federal Reserve's next rate decision is scheduled for December 9. November inflation data follows on December 10.