Bitcoin Liquidations Top $680M as ETF Outflows Deepen Selloff

By Marcus Bennett

At 07:28 UTC on November 13, 2026, CoinGecko put Bitcoin at $69,081, down 5.93% over 24 hours, while CoinGlass data reported by BeInCrypto showed $680.81 million in crypto positions liquidated.

That left about $599 million in bullish positions wiped out and only $81.8 million in shorts liquidated, according to the same dataset. CoinGlass counted 112,947 liquidated traders across its tracked market. Longs represented 88% of total liquidations.

Bitcoin's market capitalization hovered near $1.4 trillion, while 24-hour trading volume reached about $41.8 billion.

BTC fell below $70,000, broke $69,000 and then bounced slightly above that level. The move returned Bitcoin to August trading levels, reversing months of gains in days. Both assets traded at their lowest levels in nearly three months. Ethereum lost 10.11% over the prior week, compared with Bitcoin's 6.53% decline.

What does this change for Bitcoin?

Bitcoin now faces selling from two connected channels: leveraged liquidations and redemptions from U.S.-listed spot Bitcoin ETFs, which have removed a source of year-to-date institutional demand.

For holders, a rebound must contend with both forced deleveraging and a reversal in the ETF demand that supported the earlier advance. The next flow data will matter more than a single intraday price move.

The liquidation book

CoinGlass counted 112,947 liquidated traders across its tracked crypto market during the 24-hour window.

Bitcoin accounted for $325.28 million in liquidations, while Ethereum accounted for $106.07 million, or roughly 63% of the market total between them. Across both assets, about $431.4 million in positions were liquidated on both sides of the book.

Longs made up 95.3% of Bitcoin's liquidations and 89.7% of Ethereum's, confirming that bullish positioning supplied most of the forced selling.

The largest single order was a $31.09 million Bitcoin long on Hyperliquid. It closed at $72,250 before Bitcoin later moved below $70,000.

ETF redemptions

U.S.-listed spot Bitcoin ETFs had posted $1.56 billion in net outflows for 2026 through November 13, according to CoinDesk's analysis of SoSoValue data.

Before the latest run of withdrawals, the funds held about $1.01 billion in year-to-date net inflows on October 29. Net withdrawals of $643.3 million on October 30 cut that cushion to roughly $368 million; subsequent weekly redemptions then pushed the balance below zero.

The three weeks leading into November 13 saw about $2.13 billion leave the funds. The prior week accounted for $1.28 billion, the largest of the three. The current week had already recorded $643.6 million in outflows through Thursday.

The figures showed heavy selling was already underway before Friday's break below $70,000. The report expected further redemptions, though the next flow data had not yet been published.

The Fed's December test

October's U.S. Consumer Price Index rose 0.4% month over month, above the 0.23% forecast, and strengthened expectations of a December Federal Reserve rate increase.

CME FedWatch pricing early Friday assigned an 85.5% probability to a quarter-point increase and 14.5% to a half-point increase, up from zero for any hike a week earlier. The shift concerned the size of the move; the market assigned all available probability to a hike.

The Bureau of Labor Statistics scheduled the release of October producer prices for November 13 at 8:30 a.m. ET. A Dow Jones survey expected a 0.4% monthly increase, compared with September's 1.3%.

A stronger report could shift traders toward a half-point hike, while a softer one could ease rate-hike expectations and reduce one source of pressure on Bitcoin. The Federal Reserve scheduled its December meeting for Dec. 8-9.

Bitcoin had fallen below $80,000 the day after October's producer-price report beat expectations, giving traders another reason to watch the release closely. The data served as an intervening inflation event before the meeting.

The market's technical markers

Bitcoin dropped below its $73,137 200-day moving average on November 12, a technical break that left $68,000 and $67,000 as the support levels identified in the report.

From $69,081, a move to $68,000 represented 1.6% of downside, while $67,000 required another 3.0%. Recovering the moving average required a 5.9% gain, while reclaiming $70,000 was the nearer round-number marker.

A softer producer-price release, a return to net ETF inflows and a reclaim of $73,137 would remove the three immediate pressure points identified in the report.

A changed flow structure

Twelve weeks had produced more than $500 million in Bitcoin ETF outflows in 2026 by November 13, compared with 15 such weeks in 2025 and four in 2024. If four more weeks above that threshold occurred before year-end, 2026 would match 2025's count.

Annual direction changed just as sharply: the funds attracted $21.37 billion in net inflows in 2025 and $35.24 billion in 2024, before turning to net outflows this year.

Two years of accumulation have become a year of redemption, so smaller withdrawals would mark stabilization and a return to net inflows would mark a real change in institutional demand. The next weekly reports will show whether that outflow rate is cooling or continuing through November.

The immediate test arrives at 8:30 a.m. ET on November 13, when the Bureau of Labor Statistics publishes October producer prices; the resulting rate repricing and next ETF flow report will set the conditions traders carry into the Dec. 8-9 Federal Reserve meeting.