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Bitcoin dropped below the $70,000 threshold, settling at $68,888 as the total crypto market capitalization shed over 5% in the past 24 hours. This decline was accompanied by a significant wave of forced selling, with total liquidations across the crypto sector reaching $856.01 million.
As of 01:30 UTC, Bitcoin traded at $68,324, -3.9% over 24 hours, with $42.6 billion in 24-hour volume.
The pressure was concentrated in long positions, which accounted for $771.7 million of the total liquidations. Bitcoin alone represented $454.7 million of these losses, with 96% of the asset’s liquidations coming from long traders. The selling was reinforced by a daily trading volume of $31.90 billion, as Bitcoin lost 6% of its market cap during the period.
Long Positions Face Heavy Scrutiny
Ethereum also suffered substantial losses, with $131.95 million in total liquidations. Of that amount, 91% came from long positions. Other crypto assets saw over $218 million in liquidations, where long positions represented 75% of the total. The dominance of long liquidations indicates that traders betting on price increases were forced to close their positions as the market moved against them.
Market sentiment indicators have shifted sharply. The market status has turned to extreme fear, a condition that often follows rapid price drops. Benjamin Cowen noted that such volatile periods can be disorienting for investors on both sides of the market, stating that a “bear market makes fools of both bulls and bears.”
Outflows and Miner Activity Weigh on Price
Demand for Bitcoin has weakened significantly. Monthly spot demand stood at -280K BTC, while monthly perpetual futures demand was at -82K BTC, resulting in a total demand of -362K BTC. This negative demand was mirrored in the exchange-traded fund (ETF) sector, where outflows reached $300 million on November 11 and continued with $48 million in outflows on November 12.
Activity from miners also contributed to the downward pressure. Miner-to-exchange flows surged to 2,077 BTC this week, a figure that is approximately 16 times the 30-day average of 127 BTC. This spike suggests that miners are moving their holdings to exchanges, potentially to sell. Additionally, futures taker cumulative volume delta (CVD) was dominated by sellers, indicating aggressive shorting activity.
The Coinbase Premium Index, which measures the price difference between the U.S. and global markets, has fallen below -4. This is the deepest average level recorded since February. In September, the index stood at 0.8, reflecting a premium. The current negative value suggests that U.S. investors are less willing to pay higher prices for Bitcoin compared to the rest of the world. Historical data shows that while several rallies in 2024 and 2025 started from deep discounts, most major rallies have run with a premium.
Benjamin Bowen, who has maintained a cautious outlook since the midterm U.S. election results, reiterated that the fourth quarter could be weak. He pointed to the political landscape, noting that pro-crypto Republicans lost control of the House. This context adds to the uncertainty surrounding the asset’s near-term trajectory. A rebound toward $71,000 has been described as increasingly fragile given the current flow of funds and market sentiment.
