By Bitcoin drops more than 6% to its lowest level in nearly three months as leveraged positions unwind, ETF withdrawals continue and expectations of higher U.S. interest rates pressure cryptocurrency markets. Bitcoin plunged below $69,000 on Friday, November 13, 2026, extending a sharp cryptocurrency market sell-off as leveraged liquidations, institutional withdrawals and concerns over tighter U.S. monetary policy weighed on investor sentiment. The world’s largest cryptocurrency traded near $68,660 during early Asian trading, declining approximately 6.8% over 24 hours, according to CoinGecko-based market data. Bitcoin had traded above $73,700 during the preceding session before accelerating lower overnight.
The decline pushed Bitcoin to its weakest level since August, erasing recent gains and extending weekly losses to approximately 9%. Cryptocurrency derivatives markets experienced widespread liquidations, with approximately $1.41 billion in leveraged positions closed over a rolling 24-hour period, according to CoinGlass figures cited by market reports. Nearly 89% of those liquidations involved long positions, indicating that traders betting on rising cryptocurrency prices suffered the largest losses. Ethereum also fell below $2,000, while XRP approached $1 and Solana declined beneath $80.
Leveraged Liquidations Accelerate Bitcoin’s Decline
Bitcoin’s latest decline intensified after the cryptocurrency breached the psychologically important $70,000 level, triggering forced closures of leveraged derivatives positions. According to Crypto Briefing, approximately $622 million in cryptocurrency positions were liquidated during one four-hour period, including $549 million in long positions. More than 110,000 traders were affected during that interval, while one of the largest reported liquidations involved a $31.09 million position on Hyperliquid. The broader 24-hour liquidation total subsequently increased as additional positions were closed.
Forced liquidations occur when traders cannot maintain the collateral required to support leveraged positions. Exchanges automatically close those positions, potentially intensifying existing price movements. Bitcoin’s decline also pushed the cryptocurrency below its 200-day moving average, a widely followed technical indicator used to assess longer-term market trends. Market analysts identified the $67,300–$68,000 region as a potential support area, although technical levels do not guarantee price stabilization. The sharpest selling occurred during early Friday trading, following several sessions of declining prices and weakening demand.
ETF Withdrawals and Federal Reserve Concerns Weigh on Sentiment
Institutional investment products have contributed to the deterioration in cryptocurrency market sentiment. U.S. spot Bitcoin ETFs recorded $299.8 million in net outflows on November 11, according to Farside Investors. BlackRock’s iShares Bitcoin Trust accounted for $269.7 million in withdrawals, while Grayscale’s GBTC lost another $39.1 million. For November 12, Farside’s available figures showed preliminary net withdrawals of $47.7 million, with BlackRock and Fidelity entries still unreported. Macroeconomic pressures have also intensified following stronger-than-expected U.S. inflation data.
Investors increasingly anticipate further Federal Reserve interest rate increases, pushing Treasury yields higher and strengthening the dollar. Reuters reported that the U.S. dollar index reached approximately 103.18 on Friday, approaching a 19-month high. Higher interest rates can reduce demand for speculative assets by increasing borrowing costs and improving returns on lower-risk investments. Cryptocurrency markets also faced concerns surrounding MSCI’s decision to remove Bitcoin treasury company Strategy from major equity indexes. Although that decision does not directly require Bitcoin sales, it could affect Strategy’s access to institutional investment capital. The combination of declining ETF demand, tighter financial conditions and leveraged selling has left Bitcoin vulnerable to further volatility, with traders monitoring whether prices can stabilize following the breakdown below $70,000.