Bitcoin Drops Under $70K as Forced Selloffs Accelerate

On November 13 bitcoin slipped below the $70,000 mark for the first time since August. The coin lost 6.7 % within a day and is now hovering near $68,600. Major altcoins followed, shedding between 2 % and 8 % over the same period.

The move triggered a wave of liquidations. Roughly $1.5 billion worth of positions were wiped out in 24 hours, with $1.3 billion coming from long bets. More than 175,000 traders were hit, including one $31 million position closed on Hyperliquid.

K33’s Vetle Lunde had flagged the risk two days earlier. Perpetual futures open interest had climbed 12 % in a month to 353,000 BTC even as the price fell about 10 %, a rare setup that often precedes violent swings.

Adding to the strain, stablecoin supply shrank by $14.2 billion over thirty days—the fastest drop since June 2022, according to Glassnode. Coinbase’s premium also turned more negative, hitting its lowest 30-day average since February and signaling softer U.S. demand.

Based on information from cryptonews.net