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Bitcoin could face another leg lower as a combination of macroeconomic uncertainty, continued spot ETF redemptions and forced unwinding of leveraged positions puts pressure on the market, according to Lacie Zhang, research lead at Bitget Wallet.
The largest digital asset sank below $69,000 late Thursday and extended its slide to $67,568, its weakest price since late August, before climbing back above $68,000, per CoinGecko.
The drop set off $1.6 billion in liquidations over the past day, affecting 185,172 traders, according to CoinGlass data. Binance accounted for the largest share of liquidations at above 35%.
Bullish traders were hit hardest. Long liquidations made up approximately $1.5 billion, or 89.5% of the daily total, while shorts accounted for $170 million, or 10.5%.
The sell-off pulled the rest of the market lower. Ether lost the $2,000 level, and total crypto market capitalization fell close to 4% to $2.4 trillion.
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Among the top 100 coins by market cap, Bitway was the worst performer over the past 24 hours, down about 12%, per CoinGecko. Gate fell 12%, and Stacks and Midnight each lost about 10%.
CPI and macro pressure
Tuesday’s consumer price index print came in at 0.4% month-over-month, resetting expectations around Federal Reserve policy. Market pricing now reflects roughly 90% odds of a rate hike at the December FOMC meeting. The 10-year Treasury yield sits at 4.86%, and the VIX has climbed to 25.64. The Bank of England added 25 basis points to its own benchmark rate. Tuesday’s CPI reaction alone triggered $725M in liquidations, with 85% hitting long positions.
Spot Bitcoin ETFs recorded roughly $1.44B in net outflows over five trading days. BlackRock’s IBIT, the largest spot Bitcoin fund, saw around $270M in redemptions on a single day, its fifth consecutive session of outflows.
Total stablecoin supply has contracted by $14.2B over the past 30 days, the largest drawdown since 2022.
Positioning and derivatives
Binance perpetual futures now represent 91% of the exchange’s Bitcoin trading volume, a record share. Roughly 73% of Binance accounts remained long even after four separate liquidation cascades in 13 days. On Deribit, the options put/call ratio is 1.5, with the busiest single contract being the $69K put expiring November 27. The top ten most active contracts cluster between $69K and $74K.
Total crypto open interest is $127B, down about 1%, with Bitcoin-specific open interest around $51B after a 3.2% decline in 24 hours. Roughly $8.3B in short positions would face liquidation if Bitcoin rallied about 10% from current levels.
Index removals
MSCI is set to remove Strategy (formerly MicroStrategy), Metaplanet, and Yellow Cake from its global equity benchmarks, effective November 30. Index-tracking funds holding those names would need to sell, with estimates suggesting up to $8.8B in passive outflows.
