The cryptocurrency market collapsed sharply over the weekend, erasing $130 billion from its total market capitalization and triggering $1.7 billion in forced futures liquidations in a single day. Bitcoin led the selloff, sliding to the $62,000 line intraday, while altcoins posted even steeper declines.
According to Bitcoin.com, the total cryptocurrency market capitalization stood at $2.19 trillion as of Nov. 15 (local time), down $130 billion since Nov. 13. Bitcoin fell as low as $61,947 intraday before rebounding to the $64,000 range, but its decline over the past week reached 14.5%.
Altcoins saw selling accelerate as psychological support levels gave way. XRP broke below the $1 mark, plunging to $0.8922 intraday. Over the past seven days, Zcash (ZEC) fell 29.7%, Solana (SOL) 19.8%, Ethereum (ETH) 19% and XRP 17.4%.
Leverage liquidations also surged. As of 11 a.m. U.S. Eastern Time, roughly $1.71 billion in crypto futures positions had been liquidated over the prior 24 hours, according to Coinglass. About 260,000 traders were liquidated, with long positions accounting for $1.37 billion, or 80.2% of the total. Bitcoin-related liquidations totaled about $690 million, while Ethereum liquidations came to roughly $400 million.
Sentiment gauges pointed to a bottoming market. The crypto Fear and Greed Index came in at 10, entering "extreme fear" territory. Institutional outflows added to downward pressure. According to SoSoValue, U.S. Bitcoin spot exchange-traded funds (ETFs) recorded about $2.97 billion in net outflows over 12 trading sessions from Oct. 29 to Nov. 13. Only two of those days saw net inflows, and $1.07 billion flowed out in the most recent week alone.
Market liquidity is drying up as well. According to DefiLlama, total stablecoin market capitalization stood at $284.85 billion as of Nov. 14, down about $26.15 billion from May's peak of $311 billion. The 30-day decline rate is 5.36%.
Analysts say the combination of spot ETF outflows and shrinking stablecoin supply, compounded by thinner weekend trading volumes, amplified selling pressure. Bitcoin has bounced somewhat from its lows, but a recovery in buying is seen as key to preventing further declines. Market participants are watching institutional fund flows and stablecoin issuance balances as the key indicators for near-term direction.
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