$1.3 Billion in Longs Liquidated as Bitcoin Drops Below $70,000

Bitcoin traded near $69,000 on Friday 13 November, down a little over 6% over 24 hours and back below $70,000 after an intraday low of $67,922. Ether fell under $2,000 for the first time since August, and more than $1.3 billion in crypto futures were liquidated in the same window.

The session extended a slide that had taken bitcoin down 5.9% between 5 and 12 November, per 10x Research, as the 10-year Treasury yield climbed above 5%.

• The news: bitcoin and ether both broke closely watched levels on 13 November as leveraged longs were liquidated and US spot crypto ETFs extended their outflow streak.
• The key figure: CoinGlass recorded $869.89 million in bitcoin long liquidations over 24 hours in a table captured at 10:52 UTC on 13 November, against $31.18 million in bitcoin shorts.
• What happens next: the US October Producer Price Index is due on 13 November at 13:30 UTC, and Nvidia reports third-quarter fiscal 2027 results on 17 November.

The Liquidation Bill Landed Mostly on Longs

CoinGlass figures differ by snapshot, so the market-wide 24-hour total published on Friday ranged from about $1.3 billion to $1.65 billion. CoinGlass data put the figure above $1.3 billion, about $677 million of it on bitcoin.

The finer snapshot is blunter about direction. Bitcoin longs liquidated over 24 hours came to $869.89 million against $31.18 million in shorts, and $559.87 million of that long total was cleared inside four hours. The single biggest position was a $31.09 million long on Hyperliquid's BTC-USD pair, closed at $72,250.

It was not a bitcoin-only move. Over seven days XRP is down a little over 14% and Solana just over 10%, per CoinGecko.

Nvidia's Filing, and the Line the Record Stops At

The one driver with a primary document behind it is Nvidia's leadership change. In an 8-K filed with the SEC, the chipmaker said its board accepted the resignation of Jen-Hsun Huang as President, CEO and board member on 11 November, effective immediately. The same filing names his replacement, in its words: "NVIDIA's Executive Vice President and Chief Financial Officer Colette M. Kress, age 59, to serve as interim Chief Executive Officer, while the Board conducts a search for a new Chief Executive Officer."

A separate company release confirms Nvidia will still report third-quarter fiscal 2027 results on 17 November at about 1:20 p.m. PT, with an earnings call at 2 p.m. PT.

What the filings leave out matters as much as what they carry: they say nothing about an affairs scandal, a House request for Huang to testify, or a $2 trillion market-capitalisation wipeout. Those claims sit outside the primary record.

The stock reaction was real. Nvidia shares fell roughly 9% after Wednesday's close following reports the board was preparing to remove Huang, and were down 4.3% on Thursday. Suppliers fell harder: CoreWeave dropped more than 13% in premarket trading and Nebius about 20%. On Hyperliquid, Nvidia perpetual futures traded more than $2 billion in 24 hours.

IBIT's Nine-Session Streak Pulls the Group Down

BlackRock's IBIT lost another $269.7 million on Wednesday, its ninth straight session of redemptions, as the 11 US spot bitcoin funds posted a fifth consecutive day of net outflows totalling $299.8 million.

Across the nine sessions since 30 October, IBIT has shed about $2 billion, roughly $1.77 billion of that in November alone, or about 94% of the group's November outflows. The wider group has lost about $1.44 billion over the past five trading days and roughly $1.88 billion in November, with money leaving on seven of the month's eight sessions.

For the year, US spot bitcoin ETFs are now down about $1.42 billion in net flows in 2026, against roughly $25.2 billion of inflows at the same point last year. The longest outflow streak of 2026 remains 13 straight sessions, from 15 May to 3 June. Preliminary Farside data showed a further $47.7 million leaving on Thursday, with BlackRock and Fidelity figures still pending. That follows a pattern we tracked earlier in this run.

Slowing outflows could mark an early step toward a floor, but not a recovery on their own, per Bitfinex. In streak-ending events the desk studied earlier this year, bitcoin gained a median 6.4% over the following 10 trading sessions when a streak ended with at least three consecutive days of net inflows.

Ether Below $2,000 Into a Building Exit Queue

Ether traded at $1,922.16 at the time of writing, down 5.7% over 24 hours, with a 24-hour range of $1,915.12 to $2,051.05 and a market capitalisation of $235.27 billion. CoinGlass put ETH liquidations at $259.12 million over 24 hours, $234.91 million of it longs, or 90.7%.

The ETF channel is the pressure point. US spot ether funds recorded $144.8 million in net outflows on 11 November, with BlackRock's ETHA taking $129.8 million of it, extending the streak to five straight sessions and $523.9 million. October's $1.61 billion in net outflows was the group's largest monthly outflow since launch.

Staking queues point the same way. ValidatorQueue data shows the exit queue grew from 4,320 ETH on 6 November to 258,309 ETH by Thursday evening, a wait of 5 days and 14 hours. The entry queue stood at 931,247 ETH, a wait of 16 days and 15 hours.

Broader liquidity is thinner too. Talos's weekly report put bitcoin order-book depth across major exchanges at $72 million on 9 November, roughly 33% below normal, and stablecoin supply fell $14.2 billion over the past 30 days, its fastest decline since June 2022, per Glassnode. Talos's Tanay Ved said liquidity "remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction."

The Next Test: PPI Today and Nvidia on 17 November

The US October Producer Price Index is scheduled for Friday 13 November at 08:30 ET (13:30 UTC), per the Bureau of Labor Statistics release schedule. Nvidia's third-quarter print follows on 17 November.

Rate expectations are doing much of the work. A hotter-than-expected October inflation report on Tuesday lifted bets on a December Fed rate hike, with Polymarket odds climbing to about 97%. Fed Governor Christopher Waller said he leaned toward a 25-basis-point increase in December even if October monthly inflation improved, and that a core reading around 0.3% or higher could warrant considering 50 basis points. On 12 November, New York Fed President John Williams said in London that "we still have a lot of work to do" on inflation.

That is pricing, not policy. Vikram Subburaj, CEO of crypto exchange Giottus, tied bitcoin's weakness to institutional outflows, tightening crypto liquidity and those December hike expectations.

Two more items sit on the calendar. The Dollar Index rose above 103, its highest since April 2025, and MSCI confirmed after Wednesday's close it will remove Strategy (MSTR) from its indexes after 30 November, forcing tracking funds to sell shares of the largest corporate bitcoin holder.

For the tape, Friday's frame is the $67,922 low and the 24-hour high. A move back above the high would be the first sign the liquidation wave has run its course; a break below the low keeps the current pressure intact.