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- Bitcoin fell below $68,000 and traded near $68,610 at 08:05 UTC on Nov. 13, down 6.8% over 24 hours.
- CoinGlass data showed $1.47 billion in crypto liquidations over 24 hours, including $1.31 billion in long positions.
- Traders also weighed Nvidia’s CEO change, expectations of a December Fed rate increase and five straight sessions of spot Bitcoin fund outflows.
Bitcoin fell below $68,000 before trading around $68,610 at 08:05 UTC on Nov. 13, down 6.8% over 24 hours, according to Coin Insider’s market data.
The drop was especially painful for traders betting on higher prices. CoinGlass figures showed $1.47 billion in crypto positions liquidated over 24 hours, including $1.31 billion in longs.
Bulls Take Most of the Hit in a Fast-Moving Selloff
Longs, or bets on prices rising, made up about 89% of the reported total. These figures measure the size of the trades closed, so they should not be read as the amount of traders’ own money lost.
More than half of the forced closures came within just four hours. That window accounted for about $798 million, or 54% of the day’s total, with bullish positions making up $718.5 million of the four-hour figure.
According to Coin Insider’s data, Bitcoin traded between $67,922 and $73,539 over the previous 24 hours. At around $68,610, it was still about 45.6% below its October 2025 record high of $126,080.
Forced Selling Can Trigger Another Round of Liquidations
Falling prices triggered automatic closures of leveraged longs. Those sales can deepen the decline when buying demand is thin, forcing more positions into liquidation.
Laevitas markets head Rick Maeda described the move to The Block:
“The sharp leg lower in crypto looks like a leverage event […]”
Bitcoin had already fallen through $72,000 in U.S. trading before losing $70,000 in Asia. Maeda said that second break quickly forced out long positions clustered below the level.
Rate Fears and Nvidia’s Shake-Up Keep Traders on Edge
Meanwhile, traders were also digesting Nvidia’s leadership change. The company announced Jensen Huang’s departure on Nov. 12 and named finance chief Colette Kress interim CEO while it looks for a permanent replacement.
His departure followed reports of alleged affairs and a board investigation into whether he had been targeted by foreign intelligence. When it announced the investigation on Nov. 8, the board said it had no reason to believe national security or Nvidia secrets had been compromised.
Nvidia said it expects its operations, customer commitments and product plans to continue without interruption. Kress will also keep her chief financial officer role during the transition.
BTSE chief operating officer Jeff Mei told The Block that expectations of a December Federal Reserve rate increase were weighing on Bitcoin. He also warned about the risk of a half-percentage-point rise instead of a quarter-point move:
“[…] bitcoin and other cryptocurrencies could have more room to fall.”
U.S. spot Bitcoin funds have also seen sustained withdrawals. Farside Investors’ data showed five straight sessions of net outflows through Nov. 11, totaling about $1.44 billion, including $299.8 million on the final day.
Next up is October’s U.S. Producer Price Index, which tracks prices received by producers, at 13:30 UTC on Nov. 13. Nvidia’s next quarterly results are scheduled for Nov. 17.
