Bitcoin witnessed a steep drop, slipping to $68,527 this morning, marking a significant decline from its November 5 position around the $80,000 mark. This decrease over eight days amounts to more than a 14% loss. As of this report, Bitcoin is trading at $68,750.
Altcoins Follow Bitcoin’s Downward Trend
The decline extended to altcoins as well, with Ethereum falling by 4.5% to $1,960, Solana dropping 4.7% to $79, and XRP decreasing by 3.3% to $1.01, reaching nearly a three-month low for each. The recent rise in the U.S. October inflation rate by 0.4%, surpassing the anticipated 0.3%, has reignited fears of further interest rate hikes. Correspondingly, the 10-year U.S. Treasury yield climbed to 5.12%, and Nvidia’s shares fell by 4.34% following CEO Jensen Huang’s departure.
Significant Liquidations on Hyperliquid
According to TradingBeats, from November 12, 1:00 p.m. to November 13, 6:52 a.m. Turkish time, Hyperliquid saw the liquidation of 24 Bitcoin long positions, each exceeding $1 million. The total size of these closed positions reached approximately $159 million, with a incurred loss of $14 million, excluding trading fees and funding payments. Three addresses accounted for $102 million, or 64.2%, of the total liquidation.
Bitcoin ETFs See Notable Outflows
The Bitcoin ETF report dated November 13 shows a net outflow of $47.7 million over the previous day, with $26.4 million, $18.5 million, and $6.1 million being withdrawn from BITB, ARKB, and HODL respectively. Meanwhile, $3.3 million flowed into MSBT, but no figures were reported for IBIT and FBTC.
According to CryptoQuant, leverage usage is decreasing, while demand for spot purchase remains weak. Glassnode reported a $14.2 billion contraction in stablecoin supply during the 30-day period ending November 9, considering this shrinkage as an indication of capital outflow from the cryptocurrency market.
100 Bitcoins from 2010 Resurface
Two wallets tracked by TradingBeats have shown activity after more than 16 years. Each wallet, having mined 50 BTC on September 8 and 19 in 2010, has transferred a total of 100 BTC to a new address. Originally worth about $6 at the time of mining, these Bitcoins are now valued at approximately $6.9 million, assuming a BTC rate of $69,000, representing an increase of roughly 1.15 million times their initial value.
For a potential recovery in Bitcoin, focus will be on the strength of spot purchases and the mitigation of ETF outflows. Should the ETF outflows persist, and combined with Anthropic’s weak stock market debut, Bitfinex suggests that the selling pressure on Bitcoin through Nasdaq could intensify.
