Bitcoin dropped below $67,000 on Nov. 14, hitting its lowest level since August, as a sell-off wiped out $1.63 billion in leveraged positions across the crypto market within 24 hours. CoinGlass data shows long positions accounted for nearly 90% of total liquidations.
The decline occurred amid continued outflows from U.S. spot Bitcoin ETFs and expectations of higher interest rates dampening demand for risk assets. Market sentiment deteriorated rapidly as the Crypto Fear & Greed Index plunged from 28 to 13 in just two days, shifting from “Fear” to “Extreme Fear.”
Bitcoin Price Chart (4H). Source: TradingView
A stronger dollar tests a fragile market
Bitcoin’s decline accelerated as the Dollar Index climbed above 103, its highest level since April 2025, while U.S. Treasury yields rose as investors braced for further Fed rate hikes. According to CME FedWatch, markets are pricing in a 91.7% probability of a 25-basis-point hike in December.
Rate expectations shifted following the two latest U.S. inflation reports. October CPI rose 0.4% month-over-month, while PPI increased 0.3%, below the 0.4% forecast. However, producer prices remained 6.5% higher year-over-year, the fastest pace since November 2022. Persistent price pressures supported the U.S. dollar and weakened demand for liquidity-sensitive assets like Bitcoin.
The macro headwinds emerged as the market continued to deal with the fallout from the Oct. 29 Binance hot wallet hack. The exchange confirmed roughly $6.3 billion in digital assets were stolen in the largest crypto theft on record, while pledging to use corporate resources to cover losses rather than passing them on to users. On Nov. 13, the FBI announced it had seized over $1.2 billion in related assets, though the incident has brought security and custody risks on centralized exchanges back into focus.
A $1.6 billion leverage flush
Bitcoin accounted for roughly $905.8 million of total liquidated positions, with long positions making up 96.1%, according to CoinGlass. Ether ranked second at $285.3 million, with longs representing 90.5%. The wide skew indicates that derivatives positioning was heavily tilted toward traders betting on higher prices.
24h Liquidation Heatmap. Source: CoinGlass
Futures trading volume surged 58.3% to $269.1 billion over 24 hours, while total open interest fell 4.6% to $120.2 billion. Rising volume alongside shrinking open interest is consistent with a deleveraging event, as positions are closed out during sharp price swings.
When collateral no longer meets margin requirements, exchanges automatically close leveraged positions. These forced sell orders accelerated the downturn after Bitcoin lost key support levels, amplifying pressure already building from interest rates and weakening ETF flows.
ETF outflows stretch to a seventh day
U.S. spot Bitcoin ETFs recorded $185.4 million in net outflows on Nov. 13, extending their outflow streak to a seventh consecutive session, according to Farside Investors. Total outflows across the streak reached approximately $1.91 billion.
All net outflows in the latest session were concentrated in two major funds. BlackRock’s IBIT lost $143.5 million, while Fidelity’s FBTC saw $41.9 million in net outflows. Prolonged negative flows indicate that products that once provided a steady source of demand for the market are currently not absorbing the selling pressure coming from spot and derivatives traders.
In a Nov. 13 update measured in Bitcoin terms, Lookonchain recorded a decrease of 4,423 BTC across ETFs, equivalent to roughly $308.8 million. The seven-day decline reached 19,045 BTC, valued at approximately $1.33 billion.
Nov 13 Update:#Bitcoin ETFs:
1D NetFlow: -4,423 $BTC(-$308.81M)🔴
7D NetFlow: -19,045 $BTC(-$1.33B)🔴#Ethereum ETFs:
1D NetFlow: -32,917 $ETH(-$64.95M)🔴
7D NetFlow: -218,001 $ETH(-$430.15M)🔴 pic.twitter.com/gpxcyDn0eN— Lookonchain (@lookonchain) November 13, 2026
The next test at $70,000
Following the latest drop, the $70,000 mark has become the nearest price level to watch if Bitcoin rebounds, after buyers failed to hold BTC above that threshold during the sell-off.
U.S. Bitcoin ETFs will release fresh flow data when markets reopen on Monday, which will show whether the seven-day outflow streak continues. In the derivatives market, open interest and funding rates will reflect the extent to which leveraged positions are rebuilt following the $1.63 billion liquidation event.
Attention next week will also turn to Fed Chair Kevin Warsh’s speech on Monday and the release of the FOMC meeting minutes on Wednesday. Both events could provide further signals on the interest rate path ahead of the December policy meeting.
