Key Highlights

  • Bitcoin dropped below USD 70,000 early on November 13, 2026, its first such move since August 20, with some quotes near USD 68,700, down over 6% across 24 hours.
  • Roughly USD 1.41 billion of leveraged positions were wiped out in 24 hours, nearly 89% of them long bets, touching more than 110,000 traders.
  • Spot Bitcoin ETFs logged net outflows above USD 2.5 billion from October 30 to November 11, and iShares Bitcoin Trust declined 4.45% on Thursday.
  • Ether slid under USD 2,000, and the drop also took bitcoin beneath its 200 day moving average, a level many traders track closely.

How Stop Orders and Forced Exits Deepened the Slide

Bitcoin had changed hands above USD 73,700 during the prior session before the overnight slide began. Late Thursday it hovered near USD 71,500, roughly 4% weaker, and the slide sped up after it broke the USD 70,000 threshold, a price where many leveraged longs had set stop orders. Those forced exits amplified the decline. In one four hour stretch, around USD 622 million of positions were liquidated, most of them longs, and the biggest individual Liquidation was about USD 31 million on a decentralized platform. Over the week the coin has shed around 9%. Ether dipped under USD 2,000, Solana slid below USD 80 and XRP drew close to USD 1, which points to broad selling across major tokens rather than a bitcoin-only event. Weekend trading magnifies the risk because Liquidity is thinner and big orders can push prices further, while Derivatives venues that never close let liquidations build without the pauses that stock exchanges impose. The sharp overnight decline during Asian hours matches that pattern and left many traders rushing to add Margin or close positions.

Macro Pressures and ETF Redemptions Converge

Multiple pressures converged at once. October's hot Inflation print pushed up expectations for Federal Reserve tightening, with a December move now completely priced in, and Treasury yields hit their loftiest levels in weeks, the 10 year back above 5%. The dollar index hovers near an 18 month high around 103.18, which typically weighs on Assets priced against it. On November 11, spot bitcoin ETFs logged roughly USD 299.8 million in withdrawals, and iShares Bitcoin Trust (NASDAQ:IBIT) made up about USD 269.7 million of that total, while preliminary numbers for November 12 point to yet another net withdrawal. Some participants also flag political risk, reasoning that tougher crypto scrutiny could follow if the opposition takes Congress next year, and they point to index decisions that dropped the largest bitcoin treasury company from major Equity gauges. Combined macro and crypto specific pressure makes this sell-off more than a technical pullback. Higher real yields reduce the appeal of assets paying no income, and a firm dollar tightens global conditions, so investors who borrowed to hold risk assets have cut exposure across the board.

Support Band and Crowded Positioning

Chart analysts flag a cushion running from USD 67,300 to USD 68,000, and a decisive loss of that zone could expose the high USD 60,000s. Repairing sentiment would require a reclaim of USD 70,000, and the fear and greed index has already moved into a cautious reading. Positioning stayed crowded after the summer rally, and elevated funding rates leave room for more forced selling if prices slide further. For ETF holders the fund mirrors price movements closely, so the drop flows directly into the quote, and additional redemptions would signal softer interest from retail and institutional buyers alike. Long term holders have shown little capitulation, and on chain metrics accumulation near lows is common, yet ETF withdrawals hint that newer participants are the first to leave, and that cohort usually shapes near term price action.

Where Things Stand

The next readings are Friday's producer price release and remarks from Fed speakers, since any surprise on inflation would filter straight into bitcoin. Track iShares Bitcoin Trust (NASDAQ:IBIT) flow figures for the coming two sessions, the USD 67,300 to USD 68,000 cushion, and whether liquidations ease or intensify into the weekend.