Overnight on November 15, the leading cryptocurrency fell below $63,000, hitting a three-month low. At the height of the sell-off, its decline since the U.S. stock market closed on Friday reached around 8%.
The daily low was around $62,100. At the time of writing, the coin had recovered to $64,400.
Over the week, $BTC lost around 17%. The flagship cryptocurrency's crash dragged down the rest of the market — Ethereum, $XRP and $SOL fell by approximately 20%, 18%, and 21%, respectively, over the same period.
The sell-off was accompanied by mass liquidations. According to Coinglass, the daily volume of positions forcibly closed reached $1.95 billion. Long positions accounted for approximately $1.67 billion.
Spot Bitcoin ETFs also recorded outflows. From November 9 to 13, investors withdrew around $1.07 billion from these funds. Every trading session that week ended with outflows.
Liquidation risk and the fourth capitulation
Even before the latest crash, Glassnode identified the $59,500–62,600 range as an area with a high concentration of potential long liquidations. On November 14, the company again warned of the risk of an accelerating sell-off.
These are long positions opened after the rally in August. If a price drop leaves traders short of collateral, exchanges will begin forcibly closing such positions. Simultaneous liquidations could intensify selling pressure.
On-chain analyst James Check called the current events the fourth wave of capitulation since Bitcoin's all-time high. In his view, losses are primarily being realized by investors who hesitated to buy the asset at $65,000–69,000 over the summer, then entered above $80,000 in September out of fear of missing out on the rally.
“Now they’re selling at the very price they would have wanted to buy at three months ago,” the expert wrote.
The analyst believes Bitcoin's current valuations are historically low. Similar conditions were seen in February and late June 2026, and before that, at the end of the crypto winter in 2022. However, entering such a zone does not in itself confirm that a bottom is forming, he warned.
Recall that Xapo Bank CEO Seamus Rocca linked Bitcoin's decline to Anthropic's initial public offering.