BTC fell below $64,000 early Sunday｜$645 million in longs liquidated in 30 minutes
Around 05:00 Singapore time, BTC fell below $65,000, while ETH also slipped under $1,800. In the 30 minutes around 05:20, roughly $645 million in long positions across the market were liquidated. Around 05:40, BTC briefly fell below $64,000. As of 08:00, BTC was around $64,060, down 6.3% in 24 hours, with a low of $63,271; ETH was around $1,768, down 8.5% in 24 hours, with a low of $1,726. Total liquidations across the market over 24 hours were around $1.8 billion, and the crypto market lost roughly $330 billion in total market cap this week.
A few key points:
1. Deleveraging has not flushed out the market. Binance BTC perpetual open interest rose from around 96,900 BTC at 00:00 Sunday to around 98,000 BTC. Open interest rose instead of falling during the sharp sell-off, indicating that new positions were still entering the market as prices fell. Funding rates remained slightly positive, at around 0.005%/8h; longs have not been pushed to the point where they are willing to pay to short.
2. The timing amplified the drop. This sell-off was concentrated in the early hours of Sunday, when U.S. stock markets were closed and spot ETFs were not trading. With order books at their thinnest, even modest selling could trigger cascading liquidations.
3. Over-the-counter buying is shrinking. Stablecoin supply contracted by around $17 billion in a month, its fastest decline since 2022. Deleveraging among AI leaders following Nvidia's leadership change is still spilling over into risk assets.
Assessment: ETH has fallen more than BTC, while open interest is still rising—this does not look like a capitulation bottom. A true bottom is usually accompanied by a clear decline in open interest and negative funding rates; neither has happened yet. Below BTC, first watch the area around $62,700, the median miner shutdown price.
What to watch next:
· Spot ETF flows after U.S. markets open on Monday at 22:30
· Whether BTC open interest falls significantly as prices decline, and whether funding rates turn negative
· Nvidia's Q3 earnings report at 05:20 on 11-18
Around 05:00 Singapore time, BTC fell below $65,000, while ETH also slipped under $1,800. In the 30 minutes around 05:20, roughly $645 million in long positions across the market were liquidated. Around 05:40, BTC briefly fell below $64,000. As of 08:00, BTC was around $64,060, down 6.3% in 24 hours, with a low of $63,271; ETH was around $1,768, down 8.5% in 24 hours, with a low of $1,726. Total liquidations across the market over 24 hours were around $1.8 billion, and the crypto market lost roughly $330 billion in total market cap this week.
A few key points:
1. Deleveraging has not flushed out the market. Binance BTC perpetual open interest rose from around 96,900 BTC at 00:00 Sunday to around 98,000 BTC. Open interest rose instead of falling during the sharp sell-off, indicating that new positions were still entering the market as prices fell. Funding rates remained slightly positive, at around 0.005%/8h; longs have not been pushed to the point where they are willing to pay to short.
2. The timing amplified the drop. This sell-off was concentrated in the early hours of Sunday, when U.S. stock markets were closed and spot ETFs were not trading. With order books at their thinnest, even modest selling could trigger cascading liquidations.
3. Over-the-counter buying is shrinking. Stablecoin supply contracted by around $17 billion in a month, its fastest decline since 2022. Deleveraging among AI leaders following Nvidia's leadership change is still spilling over into risk assets.
Assessment: ETH has fallen more than BTC, while open interest is still rising—this does not look like a capitulation bottom. A true bottom is usually accompanied by a clear decline in open interest and negative funding rates; neither has happened yet. Below BTC, first watch the area around $62,700, the median miner shutdown price.
What to watch next:
· Spot ETF flows after U.S. markets open on Monday at 22:30
· Whether BTC open interest falls significantly as prices decline, and whether funding rates turn negative
· Nvidia's Q3 earnings report at 05:20 on 11-18