Bitcoin, Ethereum, and Solana continued their downward trend, pushing cryptocurrency market sentiment into extreme fear due to a stronger U.S. dollar, outflows of institutional funds, and growing macroeconomic uncertainty.
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On Friday, November 13, selling pressure on Bitcoin accelerated, pushing the leading cryptocurrency below $68,000 and dragging down major altcoins further.
According to CoinGlass data, the crypto market triggered $1.65 billion in liquidations over the past 24 hours. The largest single liquidation occurred on Hyperliquid’s BTC-USD position, valued at $31.09 million.
Bitcoin briefly fell below $68,000, hitting its lowest level since August 19, before rebounding to around $70,000 at the time of writing. The asset has declined approximately 17% so far this quarter, erasing most of its gains from the previous three months.
SOL dropped below $80, falling from $83 to around $78. Ethereum also fell below $2,000 for the first time since August, while XRP approached $1. Zcash dropped below $900, recording a decline of over 25% over the past week. Its market cap ranking was overtaken by Hyperliquid’s HYPE, causing it to lose its position among the top ten cryptocurrencies.
A stronger U.S. dollar and macroeconomic concerns weigh on the crypto market.
This selling pressure coincided with a significant rise in the U.S. Dollar Index (DXY), which climbed above 103 to reach its highest level since April 2025.
Since early October, the U.S. Dollar Index has risen nearly 2% as markets increasingly anticipate further interest rate hikes by the Federal Reserve. Following the higher-than-expected U.S. October CPI data, market expectations for a 0.5 percentage point rate hike in December have intensified.
Higher interest rate expectations typically weigh on liquidity-sensitive assets, including cryptocurrencies and technology stocks. Meanwhile, controversies surrounding NVIDIA CEO Jensen Huang have triggered market reactions, further intensifying uncertainty in the technology and artificial intelligence sectors.
Crypto market sentiment has fallen into the fear zone.
The market decline has significantly worsened investor sentiment. The Crypto Fear & Greed Index on CoinMarketCap dropped to 20 on Friday, indicating a state of fear. A further decline would push sentiment into "extreme fear." The index last reached this level in July.
Regarding institutional funds, according to SoSoValue data, U.S. spot Bitcoin ETFs officially turned negative in 2026, with a cumulative net outflow of $1.56 billion year-to-date. So far this week, these funds have seen outflows of $643.6 million; the previous week saw outflows of $1.28 billion, and the week before that saw outflows of $202.6 million.
On the other hand, the Solana ETF continued its outflow trend, recording a net outflow of $1.92 million on November 12. These funds have seen a total outflow of $28.97 million so far this week, marking the sixth consecutive week of net outflows.
Trump nominates new SEC and CFTC candidates
U.S. President Donald Trump has nominated four individuals for positions at the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This is his first such nomination to these agencies in approximately one year.
Both agencies regulate key components of the U.S. financial markets. Since Trump returned to the White House in January 2025, the number of commissioners at each agency has remained below the statutory maximum of five. The latest nominations may help restore their leadership capacity, as regulatory oversight of the crypto industry continues to evolve.
