Key Takeaways
- • Bitcoin fell below $70,000 for the first time since August, sliding as low as $67,770 (a level last seen Aug. 19), and was down 3.5% since midnight UTC, per CoinDesk.
- • Crypto leveraged traders took heavy losses: $1.64 billion in liquidations over 24 hours per CoinGlass, with longs accounting for 88.7% of the total, including $916 million in bitcoin and $289 million in ether.
- • The U.S. Dollar Index rose above 103, its highest since April 2025, as traders priced an 88% probability of a 25-basis-point Fed rate increase in December after hotter-than-expected inflation data.
- • U.S. spot bitcoin ETFs recorded net outflows of $47.7 million on Thursday, a sixth straight day of withdrawals totaling about $1.44 billion, according to Farside Investors.
- • Nvidia CEO Jensen Huang's resignation weighed on tech stocks, with Nvidia shares falling 4%, and bitcoin's tight correlation with tech contributed to the selloff.
Summary
Bitcoin (BTC) and ether (ETH), the two largest cryptocurrencies by market value, fell to their lowest levels in about 12 weeks on Nov. 13, 2026. Bitcoin slid through the psychologically important $70,000 level and traded as low as $67,770, while ether touched $1,900, its lowest since Aug. 18. The CoinDesk 20 Index dropped 2%, according to CoinDesk.
The selloff coincided with a rally in the U.S. dollar. Traders, citing the CME FedWatch tool, priced an 88% chance of a 25-basis-point rate increase and a 12% chance of a 50-basis-point increase at the Fed's Dec. 8-9 meeting, following hotter-than-estimated inflation data released earlier that week. The Dollar Index climbed above 103, its highest level since April 2025. Higher expected rates lifted bond yields and reduced the appeal of riskier assets.
Crypto was also pressured by the Thursday resignation of Nvidia CEO Jensen Huang. Nvidia, the world's second-largest company by market capitalization, fell 4%, and bitcoin has tended to track tech stocks closely. October producer price data was due later the same day, with economists expecting a 0.4% monthly increase.
According to CoinGlass data, leveraged traders absorbed $1.64 billion in liquidations over 24 hours, a 513.7% surge, with longs making up roughly 88.6% to 88.7% of the total. Bitcoin futures accounted for $916 million, of which 95.2% were longs, and the largest single liquidation was a $31.1 million long on Hyperliquid at $72,250. Crypto futures volume rose 58.3% to $269.1 billion while open interest fell 4.6% to $120.2 billion, indicating traders closed positions rather than initiating new bearish bets. Funding rates across major coins were slightly negative, meaning shorts were paying longs.
Spot ETF flows also turned negative. U.S. spot bitcoin ETFs saw net withdrawals of $47.7 million on Thursday, extending a six-day outflow streak of roughly $1.44 billion. Since the start of the month, the funds have lost around $1.88 billion, per Farside Investors. In options markets, the one-week bitcoin 25-delta skew rose to around 14%, indicating downside protection became more expensive than upside exposure.
In DeFi, CoinDesk reported that Nasdaq-listed BTCS sold ether at a loss to protect a roughly $64 million Aave loan from liquidation, with CoinDesk calculating the liquidation threshold near $1,717 per ether. The CoinDesk DeFi Select Index fell 3.5%. Solana fell 2.4% to below $80, even after DTCC, the Wall Street clearing house, added it to tokenization plans targeting a 2027 rollout. CoinMarketCap's Altcoin Season Index rose to 48 from 39, though it remains below the 75 threshold signaling an altcoin season, and the Fear and Greed Index stood at 19, denoting extreme fear.
The selloff coincided with a rally in the U.S. dollar. Traders, citing the CME FedWatch tool, priced an 88% chance of a 25-basis-point rate increase and a 12% chance of a 50-basis-point increase at the Fed's Dec. 8-9 meeting, following hotter-than-estimated inflation data released earlier that week. The Dollar Index climbed above 103, its highest level since April 2025. Higher expected rates lifted bond yields and reduced the appeal of riskier assets.
Crypto was also pressured by the Thursday resignation of Nvidia CEO Jensen Huang. Nvidia, the world's second-largest company by market capitalization, fell 4%, and bitcoin has tended to track tech stocks closely. October producer price data was due later the same day, with economists expecting a 0.4% monthly increase.
According to CoinGlass data, leveraged traders absorbed $1.64 billion in liquidations over 24 hours, a 513.7% surge, with longs making up roughly 88.6% to 88.7% of the total. Bitcoin futures accounted for $916 million, of which 95.2% were longs, and the largest single liquidation was a $31.1 million long on Hyperliquid at $72,250. Crypto futures volume rose 58.3% to $269.1 billion while open interest fell 4.6% to $120.2 billion, indicating traders closed positions rather than initiating new bearish bets. Funding rates across major coins were slightly negative, meaning shorts were paying longs.
Spot ETF flows also turned negative. U.S. spot bitcoin ETFs saw net withdrawals of $47.7 million on Thursday, extending a six-day outflow streak of roughly $1.44 billion. Since the start of the month, the funds have lost around $1.88 billion, per Farside Investors. In options markets, the one-week bitcoin 25-delta skew rose to around 14%, indicating downside protection became more expensive than upside exposure.
In DeFi, CoinDesk reported that Nasdaq-listed BTCS sold ether at a loss to protect a roughly $64 million Aave loan from liquidation, with CoinDesk calculating the liquidation threshold near $1,717 per ether. The CoinDesk DeFi Select Index fell 3.5%. Solana fell 2.4% to below $80, even after DTCC, the Wall Street clearing house, added it to tokenization plans targeting a 2027 rollout. CoinMarketCap's Altcoin Season Index rose to 48 from 39, though it remains below the 75 threshold signaling an altcoin season, and the Fear and Greed Index stood at 19, denoting extreme fear.
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