November crypto sell-off intensifies as Bitcoin price crashes below $66,000 and Ethereum loses $1,850; $23 - The Economic Times

Bitcoin fell below $66,000 and Ethereum dropped under $1,850 on November 14, triggering a wave of forced closures.

The price action erased intraday gains and pushed both cryptocurrencies toward their sixth consecutive weekly decline.

The sell-off wiped out $236 million in leveraged positions in a single hour, according to a CoinGlass report.

Bitcoin dropped from above $67,100 to around $65,800, while Ethereum fell from roughly $1,905 to below $1,850.

The broader market also weakened, with Litecoin falling more than 6% and XRP slipping below the $1 mark.

The Nasdaq Crypto Index lost 4.66%, reflecting a retreat across digital assets.

Institutional outflows intensify

US spot Bitcoin ETFs recorded $185.45 million in net outflows on Friday, extending a withdrawal streak to seven consecutive sessions.

Cumulative outflows since November 5 reached approximately $1.91 billion, indicating sustained institutional disinterest.

BlackRock's iShares Bitcoin Trust, known as IBIT, has accounted for a substantial share of the withdrawals.

The outflows matter because they represent money leaving investment products that hold Bitcoin, adding to concerns about institutional demand.

US spot Ethereum ETFs recorded $144.8 million in withdrawals on Thursday, according to a November 13 report from Crypto.news.

The funds have faced weaker demand as investors reassess their exposure to digital assets.

Liquidation wave hits leveraged traders

The initial market report put one-hour liquidations at around $215 million, while a separate CoinGlass-based report cited by The Crypto Times put the figure at $236.54 million over 60 minutes.

Its reported 24-hour liquidation total reached $1.26 billion.

Most of the forced closures involved traders betting on higher prices, known as long positions.

Traders use borrowed funds to increase the size of their market exposure.

When prices move against them, exchanges can automatically close their positions once their available margin falls below the required level.

The broader November 13 sell-off was even larger, with CoinGlass data cited by CoinDesk showing approximately $1.64 billion in cryptocurrency positions liquidated over 24 hours.

Long positions accounted for nearly 89% of the total, with Bitcoin alone representing around $916 million and Ethereum accounting for approximately $289 million.

Macro headwinds and market outlook

The US Dollar Index climbed above 103 on November 13, reaching its highest level since April 2025.

The move followed hotter-than-expected US inflation data and increased expectations of another Federal Reserve rate increase in December.

CME FedWatch data showed an 88% probability of a 25-basis-point increase and a 12% probability of a 50-basis-point increase at the time.

Bitcoin's next move will depend partly on whether buyers return near the $65,000 region.

For Ethereum, the $1,850 level remains an important price area after the latest breakdown.

A sustained recovery above that level would help ease immediate selling pressure, while another move lower would leave traders watching the next support areas.

ETF flows will also matter, with continued withdrawals suggesting that institutional investors are still reducing exposure.

The derivatives market offers another warning, as heavy long liquidations show that bullish traders have already suffered significant losses.

Further declines could trigger additional forced selling, particularly if traders continue to use high leverage.