Bitcoin Slips Below $70K as $1.3B of Crypto Longs Get Wiped Out

Bitcoin traded near $69,000 on Friday 13 November, a little over 6% lower over 24 hours and back under $70,000 after touching an intraday low of $67,922. CoinGlass put market-wide 24-hour liquidations above $1.3 billion, roughly $677 million of it on bitcoin. The finer snapshot is blunter about direction: bitcoin longs liquidated came to $869.89 million against $31.18 million in shorts, and $559.87 million of that long total was cleared inside four hours. The single biggest position was a $31.09 million long on Hyperliquid's BTC-USD pair, closed at $72,250.

Ether slid under $2,000 for the first time since August, trading at $1,922.16 at the time of writing, down 5.7% over 24 hours with a range of $1,915.12 to $2,051.05 and a market capitalisation of $235.27 billion. CoinGlass counted $259.12 million in ETH liquidations, $234.91 million of it longs, or 90.7%. It wasn't a bitcoin-only move: over seven days XRP is down a little over 14% and Solana just over 10%, per CoinGecko.

The one driver with a primary document behind it is Nvidia's leadership change. In an 8-K filed with the SEC, the chipmaker said its board accepted the resignation of Jen-Hsun Huang as President, CEO and board member on 11 November, effective immediately, naming Executive Vice President and CFO Colette M. Kress, 59, as interim CEO while the board searches for a permanent replacement. Nvidia shares fell roughly 9% after Wednesday's close following reports the board was preparing to remove Huang, and were down 4.3% on Thursday. Suppliers fell harder: CoreWeave dropped more than 13% in premarket trading and Nebius about 20%, while Nvidia perpetual futures on Hyperliquid traded more than $2 billion in 24 hours. The filings say nothing about an affairs scandal, a House request for Huang to testify, or a $2 trillion market-capitalisation wipeout.

BlackRock's IBIT lost another $269.7 million on Wednesday, its ninth straight session of redemptions, as the 11 US spot bitcoin funds posted a fifth consecutive day of net outflows totalling $299.8 million. Across the nine sessions since 30 October, IBIT has shed about $2 billion, roughly $1.77 billion of that in November alone, or about 94% of the group's November outflows. The wider group has lost about $1.44 billion over the past five trading days and roughly $1.88 billion in November, with money leaving on seven of the month's eight sessions. For the year, US spot bitcoin ETFs are now down about $1.42 billion in net flows in 2026, against roughly $25.2 billion of inflows at the same point last year.

Bitfinex reckons slowing outflows could mark an early step toward a floor, but not a recovery on their own: in streak-ending events the desk studied earlier this year, bitcoin gained a median 6.4% over the following 10 trading sessions when a streak ended with at least three consecutive days of net inflows. The ether side is bleeding too. US spot ether funds recorded $144.8 million in net outflows on 11 November, with BlackRock's ETHA taking $129.8 million of it, extending the streak to five straight sessions and $523.9 million. ValidatorQueue data shows the exit queue grew from 4,320 ETH on 6 November to 258,309 ETH by Thursday evening, a wait of 5 days and 14 hours, while the entry queue stood at 931,247 ETH, a wait of 16 days and 15 hours.

Broader liquidity is thinner too: Talos's weekly report put bitcoin order-book depth across major exchanges at $72 million on 9 November, roughly 33% below normal, and stablecoin supply fell $14.2 billion over the past 30 days, its fastest decline since June 2022, per Glassnode. Talos's Tanay Ved said liquidity remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction. Rate expectations are doing much of the work: a hotter-than-expected October inflation report on Tuesday lifted bets on a December Fed rate hike, with Polymarket odds climbing to about 97%, and Fed Governor Christopher Waller said a core reading around 0.3% or higher could warrant considering 50 basis points. Vikram Subburaj, CEO of crypto exchange Giottus, tied bitcoin's weakness to institutional outflows, tightening crypto liquidity and those December hike expectations, while the Dollar Index rose above 103, its highest since April 2025. The US October Producer Price Index lands Friday at 08:30 ET, and MSCI confirmed after Wednesday's close it will remove Strategy from its indexes after 30 November, forcing tracking funds to sell shares of the largest corporate bitcoin holder.