As leverage is flushed out and stablecoins rotate into AI stocks, Bitcoin falls for 6 straight weeks, dropping below $67,000
November 14 — The crypto market has once again suffered a sharp correction. Bitcoin briefly fell below the $67,000 mark for the first time since mid-August and has now declined for 6 consecutive weeks.
In terms of its recent trend, Bitcoin has clearly been “following the market down but not up,” with rebounds consistently lacking momentum. It has fallen in tandem with—or even more sharply than—tech stocks, while significantly lagging the U.S. stock market during rebounds.
According to data from Coinglass, liquidations in the crypto market totaled $651 million over the past 24 hours, with Bitcoin positions accounting for the bulk of the losses.
Market analysts say this downturn was not driven solely by factors within the crypto market. On the one hand, with major AI companies set to go public next week, speculative investors are reallocating funds by “selling crypto to subscribe to IPOs,” creating short-term selling pressure on crypto assets.
On the other hand, on-chain data shows that stablecoin supply saw net outflows of $14.2 billion over the past 30 days, suggesting that capital is quietly leaving the market. Crypto market positions are currently held mainly by highly leveraged retail traders, leaving the market structure relatively fragile.
As for what lies ahead, it remains unclear whether $67,000 will mark the bottom of this downturn. However, the ongoing deleveraging suggests the market is in a transition as risk appetite shifts.
Overall, the flow of capital and dominant narratives in the crypto market are changing. The analytical frameworks used to assess past market cycles no longer apply, and relying on them to predict market direction may make it difficult to grasp what is really happening.
#比特币 #连跌6周
November 14 — The crypto market has once again suffered a sharp correction. Bitcoin briefly fell below the $67,000 mark for the first time since mid-August and has now declined for 6 consecutive weeks.
In terms of its recent trend, Bitcoin has clearly been “following the market down but not up,” with rebounds consistently lacking momentum. It has fallen in tandem with—or even more sharply than—tech stocks, while significantly lagging the U.S. stock market during rebounds.
According to data from Coinglass, liquidations in the crypto market totaled $651 million over the past 24 hours, with Bitcoin positions accounting for the bulk of the losses.
Market analysts say this downturn was not driven solely by factors within the crypto market. On the one hand, with major AI companies set to go public next week, speculative investors are reallocating funds by “selling crypto to subscribe to IPOs,” creating short-term selling pressure on crypto assets.
On the other hand, on-chain data shows that stablecoin supply saw net outflows of $14.2 billion over the past 30 days, suggesting that capital is quietly leaving the market. Crypto market positions are currently held mainly by highly leveraged retail traders, leaving the market structure relatively fragile.
As for what lies ahead, it remains unclear whether $67,000 will mark the bottom of this downturn. However, the ongoing deleveraging suggests the market is in a transition as risk appetite shifts.
Overall, the flow of capital and dominant narratives in the crypto market are changing. The analytical frameworks used to assess past market cycles no longer apply, and relying on them to predict market direction may make it difficult to grasp what is really happening.
#比特币 #连跌6周
