The crypto market lost 5.46% in 24 hours, dropping to $2.31 trillion as Bitcoin slipped 6.48% to $68,723. Rising U.S. inflation and Treasury yields have increased concerns about another Fed rate hike in December, pushing investors away from riskier assets. The sell-off intensified as U.S. spot Bitcoin ETFs recorded $1.44 billion in outflows over five sessions through November 11. Meanwhile, $1.62 billion in crypto positions were liquidated within 24 hours, with long positions accounting for nearly 90% of the total. Bitcoin’s ability to hold $68,500–$69,000 could determine the market’s next move.
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