Bitcoin (BTC) briefly touched $62,000 on Saturday as a broad crypto selloff drove more than $2 billion in liquidations, with ETF outflows and rising U.S. rate expectations adding pressure.

More than 320,000 traders were liquidated over the same 24-hour period. BTC fell more than 8%, while Ether (ETH) lost more than 10%.

U.S. spot Bitcoin ETFs recorded net outflows for seven straight trading sessions through Nov. 13, totaling about $1.91 billion. They lost $1.07 billion that week, their second consecutive week with outflows above $1 billion.

U.S. spot Ether ETFs shed about $399 million during the week, extending their outflow streak to seven weeks.

Interest-rate markets had shifted to fully price in a 25-basis-point Fed rate increase in December and largely price another in January. A week earlier, the market-implied chance of a January increase was about 10%. October consumer prices rose 0.4% from the prior month, while core prices rose 0.3%. Falling crypto prices then triggered large-scale liquidations of positions betting on further gains, deepening the selloff.

Enna Lee

Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].