November 14, 2026

Bitcoin has fallen sharply over the past two days, dropping below $70,000 and at one point nearing $67,500. Ethereum has also fallen below $2,000. After Jensen Huang left Nvidia, quite a few employees did express a desire for him to return. But the impact of this on the crypto market is more about heightening concerns over tech stocks and risk assets. The more immediate pressures are still inflation and interest-rate expectations, a stronger dollar, and money flowing out of the crypto market. When prices fall, news often becomes an outlet for market sentiment, but this correction cannot be simply attributed to one person or one news story.

After Bitcoin broke below the round-number level, a chain of liquidations in leveraged positions accelerated the decline. It was reportedly said that yesterday a whale with a position worth over $100 million was liquidated, intensifying the short-term downtrend. Many people think prices will rebound once they hit a certain level, so they add to their positions using futures. If prices keep falling, insufficient margin triggers forced liquidations, and those sell orders push prices even lower. The scale of liquidations in the market has increased significantly recently, suggesting that this isn’t just spot holders gradually reducing their positions; a large number of leveraged traders have also been forced out. These declines often come swiftly, but even once liquidations have subsided, that doesn’t mean buyers will immediately return. The market still needs time to absorb the selling pressure.

I think the most important thing to watch right now is whether funding conditions are improving. U.S. inflation data and interest rate expectations affect the valuation of the dollar and risk assets, while flows into and out of Bitcoin ETFs can indicate whether institutional demand is picking up. If rate expectations remain tight and ETFs continue to see net outflows, even a rebound in crypto prices may lack momentum. Conversely, if selling pressure gradually eases and outflows taper off, the market may have a chance to slowly find support. Rather than trying to guess the bottom, it’s better to watch whether Bitcoin can hold around $70,000 and whether Ethereum and major altcoins can stop underperforming.

This downturn is another reminder that risks easily overlooked during a bull market often emerge all at once when liquidity tightens. Leverage can turn a normal correction into a cascade of liquidations, while market sentiment can lead investors to make hasty decisions during a sharp drop. I don’t think a single break below $70,000 means the long-term fundamentals have completely changed, but in the short term, we also shouldn’t assume this time will rebound quickly just because prices have risen after falling in the past. The current trend has confirmed my view from midyear: the market action toward the end of the year will involve a sizable second bottoming process. This decline will require greater patience and endurance, as investors must go through this before every bull market gets underway. So, be prepared.

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