Crypto · $BTC/USD
Bitcoin Falls Below $70,000 to Its Lowest Since August as Liquidations Pass $1.2 Billion and the Dollar Index Climbs
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Ether slipped under $2,000 for the first time since August, and spot bitcoin ETFs are now in net outflows for 2026.
By Emmanuel Cruz ·
Bitcoin dropped below $70,000 in early Friday trading, extending a month-long slide as a stronger dollar, rising bond yields and a wave of forced selling in leveraged futures weighed on the broader crypto market.
CoinDesk reported that bitcoin fell to roughly $69,000, its lowest level since August 19, and is down about 17% this quarter [1]. The outlet's data showed BTC at $69,051.97 at the time of writing, while a later CoinDesk update said the price touched as low as $67,652 and slipped beneath its 200-week moving average of about $68,000 [2]. Yahoo Finance data showed bitcoin at about $69,330 early Friday, down 4.8% over 24 hours [3]. CoinDesk's live coverage said bitcoin has lost 16% over the past month [2].
Leverage was a central part of the move. Based on Coinglass data, CoinDesk said exchanges liquidated more than $1.3 billion in crypto futures over 24 hours, including about $677 million in bitcoin positions, with the article's headline citing a slightly lower $1.2 billion figure [1]. Nearly $500 million was liquidated as bitcoin broke through $70,000, and the largest single liquidation was a bitcoin long position worth more than $31 million on the Hyperliquid platform [1]. Later in the session, CoinDesk reported that bitcoin's average perpetual futures funding rate turned negative for the first time in a month, according to Glassnode data, meaning traders holding short positions were paying those holding longs [2].
Other major tokens also weakened. Ether fell below $2,000 for the first time since August, with CoinDesk citing a price of $1,958.26, while XRP traded near $1 and Solana below $80 [1].
Macro conditions were a major headwind. CoinDesk said the Dollar Index traded above 103, its highest level since April 2025, and has climbed nearly 2% since early October as odds of Federal Reserve rate hikes have risen after a hotter-than-expected October consumer price report [1]. In its live coverage, the outlet reported the U.S. 10-year Treasury yield at 5.125% and the 30-year at 5.459%, with yields also higher in the U.K., France, Germany and Japan [2]. Higher yields and a firm dollar tend to reduce the appeal of assets that do not pay income.
Geopolitics added to the nervousness. CoinDesk said media reports described renewed military tension in the Middle East, including a claim from Iran's Revolutionary Guard that it destroyed a U.S. early-warning radar in Bahrain [1]. West Texas Intermediate crude traded near $88 a barrel [1].
Fund flows have been another source of pressure. According to SoSoValue data analyzed by CoinDesk, U.S. spot bitcoin exchange-traded funds recorded $643.6 million of net outflows this week through Thursday, after $1.28 billion of outflows the week before [4]. Those redemptions leave the funds with $1.56 billion in net outflows for 2026, a sharp reversal from Oct. 29, when they were up about $1.01 billion for the year [4]. CoinDesk noted this is the 12th week of 2026 with net outflows above $500 million, compared with 15 such weeks in all of 2025 and four in 2024 [4]. The funds drew net inflows of $21.37 billion in 2025 and $35.24 billion in 2024 [4].
Several things bear watching. One is whether bitcoin can reclaim its 200-week moving average, a level that traders frequently track as long-term support. Another is whether the producer price index due later today reinforces expectations for a December Fed increase, which could keep the dollar and yields elevated. A third is whether ETF outflows continue at the pace seen this week, since the funds have become a major channel for demand. With futures liquidations still elevated, volatility could remain high into the weekend.
Sources:
[1] CoinDesk, "BTC news: Prices slip below $70K, triggering $1.2 billion in liquidations", November 13, 2026. https://www.coindesk.com/markets/2026/11/13/bitcoin-dips-below-usd70-000-as-selloff-gathers-pace
[2] CoinDesk, "Live news: Bitcoin loses 16% in a month as oil rebounds and tech futures dip", November 13, 2026. https://www.coindesk.com/tech/2026/11/13/live-news-bitcoin-drops-below-200-week-moving-average-as-dollar-strength-pressures-risk-assets
[3] Yahoo Finance, "Stock market today: Dow, S&P 500, Nasdaq futures hold steady as Nvidia tumult deepens", November 13, 2026. https://finance.yahoo.com/markets/live/stock-market-today-friday-november-13-dow-sp-500-nasdaq-nvidia-110151154.html
[4] CoinDesk, "Bitcoin ETFs are now down over $1.5 billion in net outflows for the year", November 13, 2026. https://www.coindesk.com/markets/2026/11/13/bitcoin-etfs-are-now-down-over-usd1-5-billion-in-net-outflows-for-the-year
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.