Bitcoin slipped below $70,000 on November 13, 2026, touching an intraday low of $68,943 and triggering $622 million in crypto liquidations over a four-hour window. Leveraged long traders, who had borrowed to bet on higher prices, took most of the losses.
The largest cryptocurrency later steadied around $69,297, leaving it down 6% over 24 hours. That followed a week in which Bitcoin had traded above $76,000. On November 12, Bitcoin was changing hands at approximately $70,796, already down 4.31% over the prior 24 hours.
The decline accelerated once Bitcoin broke below the $70,000 level. Liquidation intensity maps had flagged long positions below that mark as especially exposed. As those positions were automatically closed, the resulting selling pushed prices lower and triggered more liquidations, creating a chain reaction during the four-hour sell-off.
Long positions dominate losses
CoinGlass data showed $549 million in long liquidations against $72.46 million in short liquidations. More than 110,000 traders were affected across the related 24-hour timeframe, according to the same data.
The single largest liquidation was a $31.09 million long position on Hyperliquid, the decentralized derivatives exchange. That position was triggered near $72,250, before Bitcoin reached the $70,000 mark.
The deleveraging extended beyond Bitcoin. Ethereum saw around $120 million in liquidations, while Solana recorded approximately $23 million.
Deleveraging rather than a fundamentals shift
The research behind the move pointed to deleveraging rather than a change in Bitcoin’s underlying fundamentals. Broader risk-off sentiment weighed on markets, and spot Bitcoin ETFs had seen outflows totaling around $2 billion over three weeks.
Attention is likely to remain on whether ETF outflows continue. The roughly $2 billion in outflows over three weeks signals hesitation among mainstream investors who drove much of the recent demand. Ethereum and Solana holders may also watch how those assets perform relative to Bitcoin after liquidations of around $120 million and approximately $23 million, respectively, showed the deleveraging spread beyond one asset.
