Bitcoin Slides to $65,000 as $1 Billion in Bets Are Liquidated

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The weekend is bringing crypto investors no relief: Bitcoin slid to about $65,000 (about 58,500 euros) on Saturday afternoon, its lowest level since the summer. The largest cryptocurrency has lost more than 5 percent in 24 hours and almost 14 percent over the week. Only on Friday, Bitcoin crashed below $69,000, and since then it has also broken below its 200-week moving average of around $68,000, a level many long-term investors watch closely. Bitcoin is now almost 49 percent below its record high of about $126,000 from October 2025.

Prices at a Glance

The following table shows a selection of the largest crypto assets by market capitalization (excluding stablecoins), according to CoinGecko, as of 6 p.m. Central European Time on Saturday.

This time, altcoins are being hit much harder than Bitcoin. Hyperliquid, Cardano, Solana and Zcash have each lost almost 10 percent in 24 hours, XRP has fallen below $1 and Ether below $1,850. Only Tron and LEO, the token of the crypto exchange Bitfinex, are holding up reasonably well. Over the week, Zcash leads the losers with a drop of more than 31 percent, followed by Bitcoin Cash, Solana and Ether, each down about 18 to 19 percent. According to CoinGecko, the overall crypto market has lost more than 7 percent in a day and is now worth about $2.22 trillion (about 1.99 trillion euros).

Another $1 Billion Liquidated

The chain reaction in the futures market continues. Positions worth about $1.01 billion (about 910 million euros) were forcibly closed within 24 hours, according to CoinGlass, 93 percent of them bets on rising prices. More than 195,000 traders were affected. More than half of the liquidations, about $553 million, came in the four hours of the latest slide alone. The largest single liquidation was a $10.45 million long position on Ether at Binance.

Then there are the outflows from U.S. Bitcoin E.T.F.s. In the week through Friday, investors pulled $1.07 billion, according to Farside Investors, the most since late June, after $1.28 billion the week before. On Friday, $185.4 million flowed out, the seventh straight trading day of outflows. BlackRock’s IBIT has seen withdrawals for 11 consecutive trading days, totaling about $2.35 billion.

The Fed as the Main Worry

Fear of a rate hike remains the main driver. U.S. core inflation rose 0.3 percent in October, and the Federal Reserve governor Christopher Waller has backed a hike of at least a quarter of a percentage point at the December meeting and floated an even larger move. Futures markets now price in a hike as all but certain. The dollar index has climbed above 103, its highest level since April 2025. That is a tough environment for Bitcoin, which pays neither interest nor dividends: The higher the yields on safer assets, the less attractive it becomes to hold Bitcoin.

Sentiment is at rock bottom. The Crypto Fear & Greed Index has fallen to 13 points, from 20 on Friday and 28 on Thursday, putting it deep in “extreme fear” territory. With U.S. stock markets closed over the weekend and no E.T.F. data coming in, the market is also particularly thin.

Oversold or Just the Beginning?

One argument for a rebound soon is that Bitcoin is technically deeply oversold: Its relative strength index was recently around 25, and readings below 30 often precede a recovery. In addition, despite the outflows, U.S. Bitcoin E.T.F.s still hold about $55 billion in net inflows since their launch in January 2024. To market watchers, that argues against a broad retreat by institutional investors.

The other side points to the charts. Below Friday’s low, the next level is the mid-August close of about $64,700, and below that the summer low of about $58,600. Some analysts are already warning of a fall back to $50,000.

What to Watch Next

E.T.F. data resume on Monday, the Fed releases the minutes of its October meeting on Wednesday, and a week later come the PCE inflation figures that the central bank watches especially closely. Anthropic’s Nasdaq debut is also coming next week, and at the end of November, the removal of Strategy, the largest publicly traded Bitcoin holder, from the MSCI indexes takes effect.

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