The cryptocurrency market experienced a severe sell-off, with approximately $60 billion wiped from total market value in just four hours. Bitcoin dropped to $68,617, marking its lowest level in three months, while major altcoins suffered heavy losses alongside continuous outflows from spot exchange-traded funds.
Rapid Selling and Market Liquidations
The downward movement accelerated after Bitcoin broke below $72,000 and subsequently breached the $70,000 and $69,000 thresholds, triggering automatic closures of leveraged positions. Depending on the tracking source, reported liquidations within single-hour windows ranged widely:
- Early figures registered $175 million in liquidations over 30 minutes.
- Other reports recorded $225 million over 60 minutes, consisting of $176.6 million in longs and $49.3 million in shorts.
- Data shared on X indicated totals surpassing $440 million, with long positions accounting for $417 million.
- Coin Bureau estimated single-hour liquidations exceeded $500 million.
Altcoins and XRP Under Pressure
XRP declined to the $1 mark, registering a 4.5% loss over 24 hours and a 17.5% drop over the week, giving it the steepest weekly loss among the top ten coins and shrinking its market value to approximately $63.8 billion. Large altcoins also posted significant weekly declines:
- Ethereum: Fell 6.0% in 24 hours to $1,926.48, down 13.7% for the week.
- Solana: Dropped 6.0% in 24 hours to $78.39, down 13.2% for the week.
- BNB: Slipped 6.9% in 24 hours to $632.16, down 9.0% for the week.
- TRON: Decreased 1.8% in 24 hours to $0.3107, down 2.1% for the week.
ETF Outflows and Macroeconomic Headwinds
Additional selling pressure came from U.S. spot Bitcoin ETFs, which recorded five consecutive days of net outflows between November 5 and November 11, totaling approximately $1.44 billion. BlackRock’s IBIT alone experienced nine straight days of outflows, losing $269.7 million on November 11 and bringing its run total to about $2 billion.
The crypto pullback coincided with broader risk-off movements across traditional markets. Hotter-than-expected October inflation data increased expectations of a potential Federal Reserve rate hike in December, while the U.S. 10-year Treasury yield rose to 5.00%. Concurrently, gold traded near $3,953, and tech stocks faced pressure following turmoil at Nvidia.
Bitcoin's total market value has fallen to roughly $1.38 trillion, sitting approximately 46% below its record high of around $126,198 recorded in October 2025.
