• Bitcoin hit $67,652 at 4:17 a.m. ET, below its 200-week moving average of about $68,000, and traded at $69,129 at 7:59 a.m. ET [1][3].
  • CoinGlass data showed $1.64 billion of liquidations in 24 hours, 88.7% of them long positions, including $916 million in bitcoin [2].
  • US spot bitcoin ETFs had a sixth straight day of net outflows on Thursday, about $1.44 billion over six days, per Farside Investors [2].

Bitcoin fell to a 12-week low on Friday, dropping as low as $67,652 at 4:17 a.m. ET and briefly slipping below its 200-week moving average of about $68,000, CoinDesk reported [1]. The low was the weakest level since Aug. 19, and bitcoin was down 16% over the past month [1][2]. It recovered to $69,129 at 7:59 a.m. ET, down 3.1% from midnight UTC [3].

The 200-week average covers nearly four years of weekly prices. MLQ.ai's own calculation from weekly closes puts it at about $68,000, in line with CoinDesk's figure [1][3].

Long bets wiped out as the dollar climbs

Leveraged traders betting on higher prices took most of the losses. CoinGlass data cited by CoinDesk showed $1.64 billion of liquidations across crypto derivatives over 24 hours, up 514%, with 88.7% coming from long positions [2]. Bitcoin accounted for $916 million, 95.2% of it longs, and ether for $289 million [2]. Ether fell to $1,900, its lowest since Aug. 18, before trading at $1,957 at 7:59 a.m. ET [2][3]. Bitcoin's average perpetual futures funding rate turned negative for the first time in a month, according to Glassnode [1].

The selling came as the dollar index rose above 103, its highest since April 2025, and the 10-year Treasury yield reached 5.137% at 7:17 a.m. ET [1][2]. CME FedWatch put the odds of a quarter-point Fed hike at the Dec. 8-9 meeting at 88%, with a 12% chance of a half-point move, CoinDesk reported [2]. Higher yields and a stronger dollar raise the cost of holding assets that pay no income. The wider AI-led selloff in tech stocks, including Nvidia's slide after its CEO's resignation, has also weighed on crypto this week (see bitcoin ETF outflows).

ETF money keeps leaving

US spot bitcoin ETFs saw net withdrawals of $47.7 million on Thursday, their sixth straight day of outflows, bringing the six-day total to about $1.44 billion and the month-to-date total to about $1.88 billion, according to Farside Investors data cited by CoinDesk [2]. Bitcoin first slid to its lowest since August on Nov. 8, when it fell to about $73,700 after the US midterms. A CoinDesk analysis on Friday said bitcoin's momentum gauge was turning negative and could signal a return below $60,000 [4].

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