Bitcoin fell below $70,000, hurting traders who borrowed to bet on a price rise. Crypto liquidations totaled $622 million in just four hours.
Bitcoin fell to an intraday low of $68,943 on November 13, 2026. It later steadied near $69,297, down 6% over 24 hours. The decline was steep for a market that had traded above $76,000 earlier that week.
How the slide unfolded
The sell-off unfolded over time. On November 12, Bitcoin traded at about $70,796, already down 4.31% over the previous 24 hours.
The decline then accelerated. Bitcoin fell below $70,000, a level it had held in recent sessions. Liquidation intensity maps, which show where forced closures are likely to cluster, flagged long positions below $70,000 as particularly exposed. When the price reached that zone, many of those positions began closing.
These automatic closures mean selling into a falling market. That selling can push prices lower and trigger another round of liquidations. It is a chain reaction, and the four-hour window captured it in full swing.
Who got caught
The day was overwhelmingly bad for bulls. CoinGlass data showed $549 million in long liquidations, compared with $72.46 million in short liquidations.
The same data showed that more than 110,000 traders were affected over the related 24-hour period.
The largest single loss was a $31.09 million long position on Hyperliquid, a decentralized derivatives exchange. The position was triggered near $72,250, well before Bitcoin reached $70,000.
Other cryptocurrencies were hit too. Ethereum saw about $120 million in liquidations, while Solana recorded approximately $23 million.
Why the selling snowballed
Research on the move points to deleveraging, rather than a change in Bitcoin’s underlying fundamentals. Broader market sentiment also weighed on prices. Risk-off sentiment was affecting markets, while spot Bitcoin ETFs had recorded about $2 billion in outflows over three weeks.
What this means
The closure of a $31.09 million position near $72,250 illustrates that neither size nor confidence offers protection when the market turns.
One question is whether ETF outflows will continue. The roughly $2 billion withdrawn over three weeks signals hesitation among mainstream investors who drove much of the recent demand.
Ethereum and Solana holders should also watch how those assets perform relative to Bitcoin. Liquidations of around $120 million and approximately $23 million, respectively, show that deleveraging extended well beyond one asset.
