$600M in Longs Wiped Out as Bitcoin and Ethereum Hit August Lows - Bitcoin Foundation
Bitcoin dropped to $69,081 on November 13, 2026—a 5.93% slide in 24 hours—as roughly $600 million in bullish positions got liquidated, with the cryptocurrency falling back to August lows.
The sharp decline pushed Bitcoin ▼ $68,624.00 back to levels not seen since August, erasing months of gains in just days. Market cap hovered near $1.4 trillion, with about $41.8 billion in trading volume over 24 hours. The selling didn't stop there, with Bitcoin slipping below $70,000 and then breaking below $69,000 before bouncing slightly above it.
Across crypto markets, $599 million in long positions were liquidated in 24 hours, according to BeInCrypto citing Coinglass data. Total liquidations hit $680.81 million, with 88% coming from bullish bets. Only about $81.8 million came from shorts, indicating traders betting on a rebound got crushed as Bitcoin and Ethereum hit their lowest levels in nearly three months.
ETF Outflows Accelerate
US-listed spot Bitcoin ETFs had turned negative for the year, reaching $1.56 billion in net outflows as of November 13, according to CoinDesk's analysis of SoSoValue data. Bitcoin's retreat sparked rapid redemptions from investors who'd been using the funds as a proxy for institutional demand.
This created a two-front squeeze. Leveraged traders were forced to unwind, while institutional money was heading for the exits. Bitcoin faced selling pressure from both derivatives and ETF flows simultaneously. October 30 alone saw $643.3 million in net withdrawals, cutting the year-to-date balance from positive to barely so before subsequent weeks tipped the entire 2026 balance into the red.
Inflation and Technical Break
October's Consumer Price Index rose 0.4% month over month, well above the 0.23% forecast. That hotter-than-expected number bolstered expectations for a Federal Reserve rate hike in December. Bitcoin holders knew what came next: the producer-price release on Friday could add fuel to the fire.
October had already set a precedent. BTC fell below $80,000 the day after that month's producer-price report beat expectations.
Bitcoin fell below its $73,137 200-day moving average on Thursday, November 12. If BTC kept falling, analysts saw potential support at $68,000 and $67,000. Getting back to that moving average would take a 5.9% gain from $69,081—a tougher target than just crossing the $70,000 round number.
Market Sentiment and Next Steps
So far this year, 12 weeks have seen more than $500 million in Bitcoin ETF outflows. By comparison, 2025 had 15 such weeks and 2024 had just four. The funds pulled in $21.37 billion in net inflows during 2025 and $35.24 billion in 2024, showing a stark reversal in investor sentiment.
From $69,081, dropping to $68,000 means a 1.6% fall; $67,000 requires about 3.0% more. Both are within reach if pressure persists. A stronger-than-expected producer-price report could stoke bets on a half-point Fed rate hike instead of a quarter-point, tightening the noose further.
The real test comes Friday with the inflation data and whether it changes what traders expect from the December Fed meeting. CME FedWatch data early Friday put a quarter-point increase at 85.5% probability and a half-point hike at 14.5%—up from zero a week prior. The October producer-price result comes out at 8:30 a.m. ET on November 13, with immediate price markers at $70,000 above current levels and $68,000 to $67,000 below.
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