Bitcoin Slips 12% on the Week as $1.2B in Leveraged Bets Get Force-Closed

More than $1.23 billion in leveraged positions were force-closed over 24 hours, nearly double the previous day's total, according to Coinglass data. The number of traders liquidated jumped too, from 112,947 to 163,631. CoinGlass figures put the bulk of the damage on longs at 82.7% of all liquidations. Reports differ on the exact 24-hour toll, ranging from $1.23 billion to $1.4 billion depending on the source and window measured.

Bitcoin traded at $67,623 during the sell-off, down 3.70% over 24 hours, and was testing its 200-week simple moving average near $67,922 — sitting just below the long-run trend line. By Saturday the coin was near $67,200, nearly 12% lower on the week and about 47% under its all-time high. Ether fell 3.37% to $1,903.78. Bitcoin positions alone made up $637.24 million of the liquidations, with longs at 90.8%, the heaviest long share among major assets.

Saturday's biggest 24-hour losers included Bitway, down 22.43% to $0.663, Ether.fi, down 11.21%, and Internet Computer, down 7.80%. On the week, Rain led declines at 36%, followed by Bitway at 32% and Zcash down 30% to around $944. Rain's slide came after a scheduled Tuesday unlock released roughly $165.66 million of RAIN into circulation.

US spot Bitcoin ETFs lost $185.4 million on Friday 13 November, a seventh consecutive day of redemptions that pushed the run to about $1.71 billion. BlackRock's IBIT carried most of Friday's figure at $143.5 million, and the two-week outflow through 13 November hit $2.35 billion, per Farside Investors data. IBIT has now logged 11 straight sessions of withdrawals, though the fund remains up about $2.45 billion in net inflows for 2026.

The outflows landed next to a hot inflation print. US producer prices rose 0.3% in October, below the 0.4% forecast, but annual wholesale inflation accelerated to 6.5% from 6.3% in September — its highest since November 2022. The Federal Reserve held its benchmark rate at 3.75% to 4.00% in October. Glassnode separately recorded a $14.2 billion contraction in stablecoin supply over 30 days through 9 November, the biggest decline since June 2022.

Two claims around the drop are still unconfirmed. The sell-off has been linked to Nvidia co-founder Jensen Huang resigning as CEO and board member, but no Nvidia statement confirming or dating a resignation could be found. Separately, a report on X described a hardware malfunction at an unnamed cloud provider disrupting Ethereum access while the consensus layer runs normally — unconfirmed by the provider or the Ethereum Foundation, as of November 2026, between 35% and 60% of Ethereum execution-layer nodes run on cloud providers, with AWS alone at roughly 35%.