Bitcoin Falls to $69K as $1.2B in Crypto Liquidations Deepen Sell-Off

Bitcoin fell below $69,000 on November 13, reaching its lowest level since August 19 as selling spread across the crypto market. The decline triggered more than $1.2 billion in leveraged liquidations, while continued ETF outflows and uncertainty across traditional markets added pressure.

Bitcoin briefly touched approximately $68,500 on Binance before trading near $68,750. Ether also dropped below $2,000, XRP approached $1, and Solana fell under $80.

The sell-off comes after a difficult week for risk assets. Nvidia's leadership change, concerns about Federal Reserve policy, and upcoming changes to major equity indexes have added to investor uncertainty. At the same time, developments at the SEC and new institutional tokenization plans point to a different direction for the crypto industry's longer-term development.

Bitcoin's Drop Triggers More Than $1.2 Billion in Liquidations

The latest decline forced crypto exchanges to close approximately $1.23 billion in leveraged positions over 24 hours, affecting more than 151,000 traders, according to CoinGlass data reported by Crypto.news.

Bitcoin accounted for around $677.5 million of the total. Approximately $653.5 million came from long positions, compared with $24.1 million from shorts. This means more than 96% of Bitcoin's liquidations involved traders betting on higher prices.

The largest reported individual liquidation was a Bitcoin position worth approximately $31.09 million on Hyperliquid.

Liquidations happen when an exchange automatically closes a leveraged position after losses reduce the trader's collateral below the required level. When prices fall quickly, these forced closures can add further selling pressure.

The latest move extends the decline reported in our coverage of Bitcoin falling below $72,000 on November 12. Bitcoin has now moved considerably lower from the levels it was trading at earlier in the week.

ETF Outflows and a Stronger Dollar Add Pressure

Institutional demand has also weakened. US spot Bitcoin ETFs recorded approximately $299.8 million in net outflows on November 11, marking their fifth consecutive session of withdrawals.

BlackRock's IBIT accounted for around $269.7 million of that day's outflows. Across the five sessions from November 5 to November 11, investors withdrew approximately $1.44 billion from the products.

The trend is significant because ETF flows have become an important measure of institutional demand for Bitcoin. Continued withdrawals suggest that some investors are reducing exposure rather than buying the dip.

Our recent report, $1.44 Billion Leaves Bitcoin ETFs in Five Straight Sessions, covers the outflow streak and its impact on the market.

Macroeconomic conditions are adding another challenge. The US Dollar Index climbed above 103, reaching its highest level in approximately 19 months. A stronger dollar can make dollar-priced assets such as Bitcoin less attractive to some investors.

October's US Consumer Price Index also came in hotter than expected. Headline inflation increased 0.4% month over month, against expectations of 0.3%, while core inflation rose 0.3%, compared with a 0.2% forecast.

The figures have strengthened concerns that the Federal Reserve could maintain tighter monetary policy or consider another rate increase in December. Higher interest rates can reduce appetite for riskier assets as investors find cash and interest-bearing investments more attractive.

The October Producer Price Index, scheduled for release on November 13, is the next important inflation update for markets.

Nvidia's Leadership Change and Strategy's MSCI Removal

Traditional financial markets have also faced uncertainty following Nvidia's leadership change.

Nvidia confirmed on November 12 that co-founder Jensen Huang had resigned as president, CEO, and a member of the company's board, effective immediately. Chief Financial Officer Colette Kress was appointed interim CEO while the board searches for a permanent replacement.

The announcement followed a turbulent week for the company and added uncertainty around one of the largest names in the AI industry. Nvidia shares came under pressure, while technology stocks and crypto markets also experienced renewed selling.

The connection between the two markets has become more visible as crypto platforms expand into traditional asset-linked derivatives. As covered in our report on Jensen Huang's resignation and its impact on crypto markets, Nvidia-linked perpetual futures on Hyperliquid have attracted significant trading activity during the leadership turmoil.

Another corporate development involves Strategy, the largest publicly traded corporate holder of Bitcoin.

MSCI's November index review will remove Strategy from the MSCI USA Index, with the change taking effect after the market close on November 30. Metaplanet will also leave the MSCI Japan Small Cap Index.

The decision could lead funds tracking the affected indexes to sell shares in these companies. However, it does not require Strategy to sell its Bitcoin holdings.

The potential impact on passive investment flows is one reason investors are watching the upcoming index changes. Our article on why Strategy and Metaplanet are leaving MSCI indexes explains the rule changes behind the decision.

SEC Nominations Bring Fresh Regulatory Developments

While market prices are under pressure, Washington has announced new nominations that could shape the future of US financial regulation.

On November 12, President Donald Trump nominated four individuals to fill vacant positions at the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The SEC nominees are former CFTC Commissioner Kristin N. Johnson and attorney Steven Levine. Nathan Anonick and Matthew Rowland were nominated to the CFTC.

Both agencies play important roles in overseeing US financial markets, including parts of the crypto industry. Their commissioner positions have remained understaffed, making the latest nominations significant for future regulatory decisions.

However, the nominees still need Senate approval. The announcements do not immediately change existing crypto regulations, but they could influence how the agencies approach digital assets once the appointments are confirmed.

DTCC's Solana Plans Show Where Institutional Crypto Is Heading

Another development highlights the longer-term direction of the digital asset industry.

The Depository Trust & Clearing Corporation (DTCC) announced plans to connect its Tokenization Service to Solana, with the integration expected in the second half of 2027.

The service is designed to allow eligible assets held by the Depository Trust Company, including stocks, index ETFs, and US Treasury securities, to be represented as tokens on supported blockchain networks.

DTCC launched its Tokenization Service on October 28, initially using the Canton Network and its private Besu network. Solana is part of its planned multi-chain expansion.

The initiative is important because DTCC sits at the center of US securities markets. Its depository subsidiary provided custody and asset servicing for approximately $114 trillion in securities during 2025.

DTCC has also said that tokenized assets will retain the ownership rights, investor protections, and regulatory safeguards associated with their traditional counterparts.

The Solana integration is not live yet, and the expected rollout remains in the second half of 2027. Still, it shows how established financial infrastructure providers are exploring blockchain networks for securities settlement and asset management.

We covered the announcement in more detail in DTCC Picks Solana for Tokenized Stocks and Treasuries in 2027.

What to Watch as Bitcoin Tests the $69,000 Area

Bitcoin's fall below $69,000 comes amid several overlapping pressures. ETF withdrawals, a stronger dollar, inflation concerns, corporate developments, and forced liquidations have all contributed to the difficult market environment.

The immediate focus is whether Bitcoin can recover above $70,000 or continue trading below that level. The $68,500 to $69,000 area is an important near-term zone after Friday's decline, while a sustained move lower could expose further downside.

Investors will also be watching the upcoming US Producer Price Index release, Federal Reserve expectations, and the November 30 MSCI index changes.

For now, the market is dealing with weaker institutional flows and substantial selling in leveraged positions. Meanwhile, regulatory nominations and institutional tokenization projects show that development across the broader digital asset industry continues beyond the latest price decline.