Bitcoin falls below $70,000 as $1.64bn of trading bets are wiped out
Why it matters
US bitcoin ETFs are losing money this year after taking in $21bn and $35bn in the two before. For allocators, crypto is trading like a risky tech bet tied to US interest rates.
Post to XThe short version
Bitcoin fell below $70,000 on 13 November for the first time since August. About $1.64bn of borrowed trading bets were forcibly closed in a day, most of them betting on rising prices. Traders now expect the US central bank to raise interest rates, and money keeps leaving US bitcoin funds.
Here's what happened. Bitcoin dropped below $70,000 early on Friday 13 November, touching $67,770, its lowest since 19 August, according to CoinDesk. Ether hit $1,900.
Traders who borrow to bet on prices get "liquidated" when the market moves against them: their positions are closed automatically. CoinGlass data cited by CoinDesk shows $1.64bn was liquidated in 24 hours, with bets on rising prices making up about 89% of it.
So why now? Hotter-than-expected US inflation data has traders pricing in a rate rise. CME's FedWatch tool showed an 88% chance of a quarter-point increase, CoinDesk reported. The dollar index rose above 103, and Nvidia shares fell 4% after chief executive Jensen Huang resigned.
Money is also leaving US spot bitcoin ETFs. According to SoSoValue data analysed by CoinDesk, they are down $1.56bn for the year after $643.6m left in the week to Thursday. They took in $21.37bn in 2025 and $35.24bn in 2024.
The US central bank next meets on 8-9 December.
Where this comes from
Written with AI from the sources above and checked against them before publishing. Here's how we work. This is news, not financial advice. Spotted a mistake? Tell us.
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