Bitcoin fell more than 6%, sinking below the $70,000 mark for the first time since August 2026. The downturn widened the leading cryptocurrency’s correction to roughly 45% from its record high of $126,198 reached in October 2025.
Spot market pressure quickly spilled over into derivatives. CoinGlass data showed total crypto futures liquidations reaching $1.23 billion in the past 24 hours. The forced closures swept up more than 151,000 traders who failed to maintain their margin requirements.
Why Did 96% of Liquidations Hit Long Positions?
Liquidation data revealed a severe imbalance among derivatives market participants. Long positions accounted for more than 96% of all Bitcoin liquidations over this 24-hour period. The outsized share of longs highlights the vast number of speculators caught in the sudden sell-off before they could exit the market.
Decentralized exchanges were not spared from large-scale forced closures either. The single largest liquidation during this downturn was recorded on the BTC-USD contract on decentralized exchange Hyperliquid, totaling $31.09 million in a single position.
Surging US Dollar and ETF Outflows
On the macroeconomic front, the US Dollar Index (DXY) surged past 103, touching its highest level in roughly 19 months. The US dollar strengthened as an inflation spike bolstered expectations of continued monetary tightening by the Federal Reserve at its upcoming December meeting.
Market conditions worsened amid weakening institutional demand. Net outflows from US spot Bitcoin ETFs reached $299.8 million on November 11. The heaviest redemptions hit BlackRock’s IBIT, which logged $269.7 million in outflows. The daily tally brought total outflows over five consecutive trading sessions to more than $1.44 billion.
Negative Sentiment from Nvidia to Geopolitics
Selling pressure in crypto was compounded by headlines outside the digital asset space. The resignation of Nvidia CEO Jensen Huang rattled artificial intelligence shares, triggering caution across risk assets. Meanwhile, confirmation of Strategy’s deletion from MSCI indices effective November 30 prompted estimates of up to $2.8 billion in passive selling.
Uncertainty escalated further amid geopolitical tensions following claims that Iran’s Revolutionary Guard struck a US military radar in Bahrain. The combination of macro headwinds, institutional capital flight, and geopolitical turmoil left Bitcoin little room to hold its psychological level.
For derivatives traders, the wiping out of $1.23 billion in capital in a single day serves as a stark reminder of the risks of high-leverage long positions when market trends reverse.
Reported by crypto.news.
Also read: How to Read Candlestick Charts for Beginners
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
