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Bitcoin (BTC) traded around $68,888 after sliding below the $70,000 threshold, contributing to a market-wide decline where the total crypto market cap fell over 5% in the past 24 hours. The drop was accompanied by $856.01 million in total liquidations across the sector, with long positions accounting for $771.7 million of that total.
As of 01:15 UTC, Bitcoin traded at $68,166, -3.7% over 24 hours, with $42.6 billion in 24-hour volume.
Long Positions Drive Liquidations
Bitcoin represented the largest share of the liquidated assets, totaling $454.7 million. Ninety-six percent of these were long positions, indicating that traders betting on price increases were forced out of the market. Ethereum (ETH) also saw significant pressure, with $131.95 million in liquidations, 91% of which were long positions. Other crypto assets lost over $218 million, with long positions representing 75% of those losses.
The decline was reinforced by a daily trading volume of $31.90 billion for Bitcoin. The asset lost 6% of its market cap during the period. Market status indicators shifted to extreme fear as the price action accelerated downward. A potential rebound toward $71,000 was described as becoming more fragile amid these conditions.
ETF Outflows and Miner Activity
Investment in Bitcoin Exchange-Traded Funds (ETFs) showed continued withdrawal. Outflows reached $300 million on November 11, followed by $48 million on November 12. This pattern suggests that institutions have been consistently removing capital from Bitcoin and the broader crypto market.
On-chain data revealed a surge in miner-to-exchange flows, totaling 2,077 BTC this week. This figure is approximately 16 times the 30-day average of 127 BTC. While such spikes do not confirm immediate selling, they may indicate treasury transfers or asset management by miners. The low price environment could be squeezing miner margins, prompting these movements.
Demand metrics also pointed to weakness. Monthly spot demand contracted by 280,000 BTC, while perpetual futures demand fell by 82,000 BTC, resulting in a total demand decline of 362,000 BTC. The contraction in demand was accelerating. Futures taker cumulative volume delta (CVD) was dominated by sellers, further reflecting the bearish sentiment in the market.
US Demand and Market Outlook
Domestic US demand for Bitcoin appeared quiet. The Coinbase Premium Index dropped below -4, the deepest average level since February. In September, this index stood at 0.8. Historical data shows that the rallies of 2024 and 2025 all ran with a premium, whereas several recent rallies started from deep discounts.
Benjamin Bowen reiterated his view that the fourth quarter could be weak. This sentiment has persisted since the midterm US election results, where pro-crypto Republicans lost control of the House. Benjamin Cowen noted that a bear market “makes fools of both bulls and bears,” highlighting the uncertainty surrounding the current price action. The combination of ETF outflows, miner flows, and weak US demand creates a challenging environment for price recovery in the near term.
