As I was writing last night, this week's low was around 72,700, with the August low of about 68,900 below that. In this morning's Asian session, 70,000 was breached first, and the 68,900 level didn't hold either.
Bitcoin was just around 68,800 on Binance spot, down about 6.7% over 24 hours. Its intraday low was around 68,600. This is the first time it's fallen below 70,000 since August 19, and the August low has now been broken too. Ethereum also failed to hold 2,000, trading at around 1,934 on Binance, after dipping to about 1,926, down roughly 5.8% over 24 hours.
Leverage got hit even harder. CoinGlass data shows that more than $1.3 billion in futures positions were liquidated over the past 24 hours, with Bitcoin accounting for about $677 million of that. In the hour when the price first fell below 70,000, nearly $500 million in positions were forcibly liquidated. The largest single liquidation was a Bitcoin long worth more than $31 million on Hyperliquid, wiped out around 72,250. Once Bitcoin fell below 70,000, these long positions were liquidated by exchanges.
Spot buying hasn't returned either. U.S. spot Bitcoin ETFs had recorded five consecutive trading days of net outflows through Wednesday. From November 5 to 11, outflows totaled about $1.44 billion, and around $1.88 billion has flowed out in November so far. Money has been flowing out for days; it didn't just start this morning.
After U.S. stocks closed last night, Nvidia's post-market drop, along with MSCI's decision to exclude Strategy, sent Bitcoin sliding from around 74,800 to near 73,500. At the time, it still seemed like this week's low of 72,700 might hold. This morning, both levels gave way.
The U.S. will release October PPI tonight at 21:30 Beijing time. The market expects a 0.4% month-over-month increase, versus 1.3% in September; core PPI is expected to rise 0.3%, compared with 0.7% previously. CPI has already come in hotter than expected, and some rate hikes in December have been priced in. If PPI is hot as well, talk of a 50-basis-point hike will grow louder, and the 68,600 low will likely be tested again. If the numbers come in low, prices may get some breathing room, but we'll still have to see whether ETF outflows continue over the next few days.
The 68,900 level has already been broken. If the price can't hold around here tonight, some are watching 68,000 and 67,000 below.
#Bitcoin #PPI
Bitcoin was just around 68,800 on Binance spot, down about 6.7% over 24 hours. Its intraday low was around 68,600. This is the first time it's fallen below 70,000 since August 19, and the August low has now been broken too. Ethereum also failed to hold 2,000, trading at around 1,934 on Binance, after dipping to about 1,926, down roughly 5.8% over 24 hours.
Leverage got hit even harder. CoinGlass data shows that more than $1.3 billion in futures positions were liquidated over the past 24 hours, with Bitcoin accounting for about $677 million of that. In the hour when the price first fell below 70,000, nearly $500 million in positions were forcibly liquidated. The largest single liquidation was a Bitcoin long worth more than $31 million on Hyperliquid, wiped out around 72,250. Once Bitcoin fell below 70,000, these long positions were liquidated by exchanges.
Spot buying hasn't returned either. U.S. spot Bitcoin ETFs had recorded five consecutive trading days of net outflows through Wednesday. From November 5 to 11, outflows totaled about $1.44 billion, and around $1.88 billion has flowed out in November so far. Money has been flowing out for days; it didn't just start this morning.
After U.S. stocks closed last night, Nvidia's post-market drop, along with MSCI's decision to exclude Strategy, sent Bitcoin sliding from around 74,800 to near 73,500. At the time, it still seemed like this week's low of 72,700 might hold. This morning, both levels gave way.
The U.S. will release October PPI tonight at 21:30 Beijing time. The market expects a 0.4% month-over-month increase, versus 1.3% in September; core PPI is expected to rise 0.3%, compared with 0.7% previously. CPI has already come in hotter than expected, and some rate hikes in December have been priced in. If PPI is hot as well, talk of a 50-basis-point hike will grow louder, and the 68,600 low will likely be tested again. If the numbers come in low, prices may get some breathing room, but we'll still have to see whether ETF outflows continue over the next few days.
The 68,900 level has already been broken. If the price can't hold around here tonight, some are watching 68,000 and 67,000 below.
#Bitcoin #PPI
