Why Is Bitcoin Dropping? $600M in Longs Wiped Out

Bitcoin dropped to $69,081 on November 13, 2026—a 5.93% slide in 24 hours—as roughly $600 million in bullish positions got wiped out. Understanding why Bitcoin is dropping requires looking at two converging pressures: US spot Bitcoin ETFs were bleeding money, with $1.56 billion in net outflows for the year, while traders were betting on a December rate hike from the Federal Reserve, and higher rates tend to crimp crypto appetite. Friday’s inflation data would test whether that pressure stays or eases. The selloff pushed BTC▼$68,709.00 back to August lows, erasing months of gains in a matter of days.

Why Bitcoin Is Dropping: $599 Million in Longs Liquidated as ETFs Drain

How far had BTC fallen by Friday morning?

According to CoinGecko, Bitcoin’s $69,081 price at 07:28 UTC represented a 5.93% daily decline. Market cap hovered near $1.4 trillion, with about $41.8 billion in trading volume over 24 hours.

The selling didn’t stop there. Bitcoin slipped below $70,000 and then broke below $69,000 before bouncing slightly above it. The move took BTC back to where it traded in August, wiping out the recovery that had built since then.

How large was the liquidation event?

Across crypto markets, $599 million in long positions were liquidated in 24 hours, per BeInCrypto citing Coinglass data. Total liquidations hit $680.81 million, with 88% coming from bullish bets. Only about $81.8 million came from shorts. The lopsidedness told the story: traders betting on a rebound got crushed as Bitcoin and Ethereum hit their lowest levels in nearly three months.