Bitcoin Wicks Down to $67,555 Overnight, Its Lowest Since August

Bitcoin slid to roughly $67,555 around midnight Eastern on Friday, its lowest print since mid-August, according to Bitcoin Magazine Pro data. Buyers hauled it back above $69,000 before sunrise and pushed it toward $69,800 by Friday morning. The drop also took the price under its 200-week moving average, a long-term trend line sitting near $68,000.

The break below $70,000 forced hands. About $1.64 billion in crypto positions were liquidated over 24 hours, with bullish bets making up nearly 89% of the carnage and bitcoin positions alone accounting for $916 million. Average perpetual futures funding rates flipped negative for the first time in a month as price fell toward $68,500, meaning short sellers now pay to hold their positions. Order-book depth across major exchanges had already thinned to $72 million on Nov. 9, roughly 33% below normal.

Spot bitcoin ETFs kept bleeding. The funds logged about $47.7 million in net outflows Thursday, a sixth straight day of withdrawals that brought the streak to roughly $1.49 billion. BlackRock's iShares Bitcoin Trust (IBIT) shed about $2 billion over nine sessions through Wednesday, and the ETF group has now flipped to about $1.56 billion in net outflows for 2026. Sentiment followed: a widely watched crypto fear and greed gauge hit 20 on Friday, its lowest since July 8, with bitcoin tracking toward a second consecutive down year.

Macro is doing the pushing. The U.S. Dollar Index held above 103 after a three-day rally carried it to its highest since April 2025, the 10-year Treasury yield sat near 5.15%, and two-year yields were headed for their worst week since 2024, Bloomberg reported. Traders still price an 88% chance of a quarter-point hike at the Fed's Dec. 8-9 meeting and a 12% chance of a half-point move, per CME FedWatch. Fed Governor Christopher Waller has floated a 50-basis-point increase, and New York Fed President John Williams said Thursday that inflation remains high and policymakers must do more.

Friday's producer-price report offered only partial cover. The Labor Department said its final-demand PPI rose 0.3% in October, under the 0.4% economists expected, following a revised 1.4% gain in September, while core prices rose 0.3% as forecast. On an unadjusted basis the headline index was up 6.5% from a year earlier, the biggest 12-month jump since November 2022. The dollar eased slightly but stayed above 103, and with a December hike still fully priced, relief was thin.

Bitcoin has also decoupled from tech. It fell 5.9% between Nov. 5 and Nov. 12 while the Nasdaq 100 climbed 6.4%, a sign it is trading on yields and the dollar rather than the AI trade. Nasdaq 100 futures were up about 0.6% Friday as investors digested Nvidia's announcement that Jensen Huang had resigned as CEO. Talos senior research associate Tanay Ved summed up the setup: liquidity is thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction.