Summary

  • Bitcoin fell more than $2,000 in 15 minutes and posted a cumulative 9% drop over four days.
  • The selloff triggered more than $1 billion in forced liquidations of leveraged positions, with $448 million in Ether liquidations accounting for a large share.
  • Market sentiment weakened as U.S. spot Bitcoin ETFs saw $1.28 billion in net outflows and the Crypto Fear & Greed Index stood at 29 (Fear).

Forecast Trend Report by Period

Bitcoin fell more than $2,000 in 15 minutes, dropping to its lowest level since August. More than $1 billion in leveraged positions across the broader cryptocurrency market, including Ether, was forcibly liquidated.

Bitcoin.com reported on November 9 that Bitcoin slid to $73,477 from $75,690 in 15 minutes late Sunday afternoon in the U.S. The token has fallen 9% over the past four days and was recently trading around $74,500.

Two negative developments were cited as triggers for the selloff. News emerged that Nvidia Chief Executive Officer Jensen Huang acknowledged an extramarital affair in a memo to employees, while the board was investigating whether it had been targeted by a foreign intelligence agency. At the same time, U.S. Secretary of State Marco Rubio said nuclear talks with Iran had effectively collapsed, adding to geopolitical anxiety. The combination hit a thin weekend market and triggered liquidations of leveraged long positions.

The damage was concentrated in Ether. Ether liquidations reached $448 million, nearly double Bitcoin's $272 million. The largest single liquidation order was also an Ether position worth $48 million. On-chain analytics platform Lookonchain said one bullish Ether investor took a $44.78 million loss on a long position of 56,667 ETH.

The sharp drop also drew bargain hunters. One wallet borrowed $22 million in Tether from decentralized lending protocol Aave and bought 10,000 Ether at $2,155.

Market sentiment also weakened. The Crypto Fear & Greed Index stood at 29, remaining in the "Fear" zone. U.S. spot Bitcoin ETFs posted net outflows of about $1.28 billion over the past week. Prediction market platform Polymarket put the odds of Bitcoin falling to $72,500 this month at 67.5% and the odds of a drop to $70,000 at 46.5%.

Minseung Kang