Why Is Bitcoin Dropping? $600M in Longs Wiped Out

Bitcoin dropped to $69,081 on November 13, 2026—a 5.93% slide in 24 hours—as roughly $600 million in bullish positions got wiped out. Understanding why Bitcoin is dropping requires looking at two converging pressures: US spot Bitcoin ETFs were bleeding money, with $1.56 billion in net outflows for the year, while traders were betting on a December rate hike from the Federal Reserve, and higher rates tend to crimp crypto appetite. Friday’s inflation data would test whether that pressure stays or eases. The selloff pushed BTC▼$68,709.00 back to August lows, erasing months of gains in a matter of days.

🔷Why Bitcoin Is Dropping: $599 Million in Longs Liquidated as ETFs Drain
💡Bitcoin Traders and US ETFs Face Pressure From Different Directions
💵BTC ETF Withdrawals Accelerated Before the Latest Price Break
🟢Inflation and a Broken BTC Moving Average Deepen the Selloff
🟢BTC ETF Outflows Stand Against Two Strong Years of Inflows
📱BTC Downside Levels and November Recovery Scenarios
📎Friday's PPI Release Puts December Fed Expectations in Focus
❓FAQ

Why Bitcoin Is Dropping: $599 Million in Longs Liquidated as ETFs Drain

How far had BTC fallen by Friday morning?

According to CoinGecko, Bitcoin’s $69,081 price at 07:28 UTC represented a 5.93% daily decline. Market cap hovered near $1.4 trillion, with about $41.8 billion in trading volume over 24 hours.

The selling didn’t stop there. Bitcoin slipped below $70,000 and then broke below $69,000 before bouncing slightly above it. The move took BTC back to where it traded in August, wiping out the recovery that had built since then.

How large was the liquidation event?

Across crypto markets, $599 million in long positions were liquidated in 24 hours, per BeInCrypto citing Coinglass data. Total liquidations hit $680.81 million, with 88% coming from bullish bets. Only about $81.8 million came from shorts. The lopsidedness told the story: traders betting on a rebound got crushed as Bitcoin and Ethereum hit their lowest levels in nearly three months.

Bitcoin Traders and US ETFs Face Pressure From Different Directions

Which assets accounted for the most liquidations?

Bitcoin positions accounted for $325.28 million in liquidations, Ethereum for $106.07 million. Together they made up about 63% of the total, concentrating the damage in the two biggest names.

Ethereum’s damage was even more skewed toward longs: 89.7% of its liquidations came from bullish traders. Across BTC and ETH▼$1,936.23 combined, roughly $431.4 million in positions got wiped out in both directions.

What was happening to US Bitcoin ETFs?

US-listed spot Bitcoin ETFs had turned negative for the year, reaching $1.56 billion in net outflows as of November 13, according to CoinDesk’s analysis of SoSoValue data. Bitcoin’s retreat sparked rapid redemptions from investors who’d been using the funds as a proxy for institutional demand.

This created a two-front squeeze. Leveraged traders were forced to unwind, while institutional money was heading for the exits. Bitcoin faced selling pressure from both derivatives and ETF flows at once.

BTC ETF Withdrawals Accelerated Before the Latest Price Break

How quickly did the ETF flow balance deteriorate?

October 30 alone saw $643.3 million in net withdrawals. That single day’s exodus cut the year-to-date balance from positive to barely so—about $368 million—before subsequent weeks tipped the entire 2026 balance into the red.

The shift was brutal in its speed. What had been a winning year for ETF inflows flipped negative within weeks.

Were withdrawals confined to a single bad week?

The three weeks leading up to November 13 saw roughly $2.13 billion leave the funds. The prior week alone accounted for $1.28 billion, the largest of the three, showing heavy selling was already underway before Friday’s break below $70,000. The current week had already hit $643.6 million in outflows through Thursday, with more likely to come.

This matters for what happens next. Any Bitcoin recovery would be fighting against weeks of steady fund selling. If the outflows continue, Bitcoin faces the same demand pressure that helped drive it down.

Inflation and a Broken BTC Moving Average Deepen the Selloff

What inflation surprise preceded the decline?

October’s Consumer Price Index rose 0.4% month over month, well above the 0.23% forecast. That hotter-than-expected number bolstered expectations for a Federal Reserve rate hike in December. Bitcoin holders knew what came next: the producer-price release on Friday could add fuel to the fire.

October had already set a precedent. BTC fell below $80,000 the day after that month’s producer-price report beat expectations. Traders were watching whether history would repeat.

Which technical level did Bitcoin lose?

Bitcoin fell below its $73,137 200-day moving average on Thursday, November 12. If BTC kept falling, analysts saw potential support at $68,000 and $67,000.

Getting back to that moving average would take a 5.9% gain from $69,081—a tougher target than just crossing the $70,000 round number. Ethereum had hit its lowest level since mid-August too, down 10.11% over the prior week against Bitcoin’s 6.53% decline.

BTC ETF Outflows Stand Against Two Strong Years of Inflows

How unusual are large weekly withdrawals in 2026?

So far this year, 12 weeks have seen more than $500 million in Bitcoin ETF outflows. By comparison, 2025 had 15 such weeks and 2024 had just four. If four more weeks of heavy redemptions happen before year-end, 2026 would match 2025. That’s already a stark change from 2024.

How does the annual flow direction compare with previous years?

The funds pulled in $21.37 billion in net inflows during 2025 and $35.24 billion in 2024. This year flipped into net outflows by November 13. It’s not just the size that matters—it’s the direction. Two years of steady inflows have reversed.

Bitcoin holders should watch the next weekly flow reports. Smaller withdrawals would show the bleeding slowing. A return to net inflows would signal a real shift in investor sentiment.

BTC Downside Levels and November Recovery Scenarios

What could extend the decline toward $68,000 or $67,000?

From $69,081, dropping to $68,000 means a 1.6% fall; $67,000 requires about 3.0% more. Both are within reach if pressure persists. A stronger-than-expected producer-price report could stoke bets on a half-point Fed rate hike instead of a quarter-point, tightening the noose further. Pair that with more ETF selling and Bitcoin faces a worse rate outlook and bigger investment outflows.

What could improve Bitcoin’s recovery prospects in November?

A softer producer-price release would ease rate-hike expectations. A flip in ETF flows would remove one of the two pressures crushing Bitcoin right now. Reclaiming $73,137 would restore the 200-day moving average.

These are the levers. The real test comes Friday with the inflation data and whether it changes what traders expect from the December Fed meeting.

Friday’s PPI Release Puts December Fed Expectations in Focus

How were traders pricing the December rate decision?

CME FedWatch data early Friday put a quarter-point increase at 85.5% probability and a half-point hike at 14.5%—up from zero a week prior. All the probability landed on a rate increase; the shift was toward how large it might be.

What will traders watch after the inflation release?

The October producer-price result comes out at 8:30 a.m. ET on November 13. An upside surprise could push odds toward the larger hike; a miss could ease them. For Bitcoin, the immediate price markers are $70,000 above current levels and $68,000 to $67,000 below. Beyond the initial reaction to inflation, the next ETF flow numbers will show whether institutional selling continues through November.

FAQ

How many traders were liquidated in the reported 24-hour window?

Coinglass counted 112,947 liquidated traders across the tracked crypto market, with $680.81 million in total liquidations across both longs and shorts.

Where did the largest reported single liquidation occur, and how much was it worth?

The largest single order was a $31.09 million Bitcoin long on Hyperliquid, closed at $72,250, before Bitcoin’s later move below $70,000.

What share of Bitcoin liquidations came from long positions?

Longs accounted for 95.3% of Bitcoin’s $325.28 million in liquidations—an even higher concentration of bullish damage than the 88% long share across the wider market.

When is the October US Producer Price Index scheduled for release?

The Bureau of Labor Statistics is scheduled to release October PPI on November 13 at 8:30 a.m. ET, following October CPI’s 0.4% monthly increase.

What monthly PPI increase did economists forecast, compared with September?

A Dow Jones survey put the expected October increase at 0.4% month over month, compared with September’s 1.3%.

When is the Federal Reserve meeting discussed in the report?

The meeting is scheduled for December 8–9. Friday’s producer-price release is an intervening inflation event that could influence expectations for the rate decision.

What was the Bitcoin ETF flow balance before the recent withdrawals?

US spot Bitcoin ETFs had about $1.01 billion in year-to-date net inflows on October 29, before the October 30 withdrawals shifted the balance into the red.

This article is for information only and is not financial advice.