Bitcoin Crashes Belo...

Bitcoin Crashes Below US$69K as Crypto Liquidations Hit US$1.4 Billion

By Aaron Feuerstein November 13, 2026 In Bitcoin, Cryptocurrency, Ethereum

Bitcoin plunged 6.8% to US$68,532, breaking below the US$70,000 support level, while Ethereum, XRP and Solana also suffered substantial losses.
Crypto liquidations reached US$1.4 billion over 24 hours, including US$409 million in Bitcoin long positions liquidated within four hours.
Inflation concerns, expectations of a December Fed rate hike and MSCI’s decision to remove Strategy from major indices added to market uncertainty.
US spot Bitcoin ETFs approached a sixth consecutive day of net outflows, with preliminary withdrawals totalling US$1.49 billion, while BlackRock’s IBIT neared its record losing streak.

Bitcoin and the broader crypto market are taking a beating. The largest asset saw a drop of 6.8% over the past 24 hours and a 9.4% drop over the past week. Bitcoin has dropped well below the US$70K (AU$102.9K) support level and, at the time of writing, trades at US$68,532 (AU$100,711).

Ethereum (ETH) is down 6% over the past day and 13.7% over the past week. XRP is down 3.7% and 16.5% over the same periods, while Solana (SOL) has dropped 5.6% and 12.3%, respectively.

Data from Coinglass shows a cascade of forced selling which has resulted in US$1.4 billion (AU$2.05 billion) in liquidations over the past 24 hours, with US$409 million (AU$601.1 million) in Bitcoin long liquidations in the past four hours alone.

Among the largest liquidations was a US$31.09 million (AU$45.72 million) Bitcoin long position on decentralised exchange Hyperliquid, which was closed at approximately US$72,250 (AU$106,257), well before Bitcoin dropped below US$70K.

What Caused the Crash?

Bitcoin’s break below US$70K has created a vicious cycle, with leveraged long positions being liquidated and the resulting forced selling putting further downward pressure on prices.

This comes amid a hostile macroeconomic environment: Nvidia’s leadership shakeup has weighed on the technology sector, while higher-than-expected inflation has strengthened expectations of a US Federal Reserve rate hike in December.

Adding to the negative sentiment is MSCI’s decision to remove Michael Saylor’s Strategy from its major equity indices at the end of November. The move could lead to substantial selling of Strategy shares by index-tracking funds, potentially making it more difficult for the company to raise capital for future Bitcoin purchases.

Bitcoin ETF Outflows Continue

Meanwhile, US spot Bitcoin ETFs are on course for their sixth consecutive day of net outflows.

Preliminary figures from Farside Investors show US$47.7 million (AU$70.1 million) in net outflows for Thursday, bringing the cumulative tally to approximately US$1.49 billion (AU$2.19 billion). However, the figures remain incomplete, with BlackRock’s IBIT and Fidelity’s FBTC yet to report their Thursday results at press time.

BlackRock’s IBIT, the largest Bitcoin ETF, is also approaching its previous record outflow streak. It has recorded nine consecutive days of net outflows, with approximately US$2 billion (AU$2.94 billion) leaving the fund over that period. If Thursday’s figures confirm further withdrawals, it would mark its tenth consecutive day of outflows.

IBIT is approaching its record streak from June/July, when it saw US$2.2 billion (AU$3.23 billion) in outflows over 11 Bitcoin ETF Outflows Continuedays.

All eyes are now on Friday’s numbers, which won’t be available until after the US trading session and may not be finalised until Monday.

Author

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.