Bitcoin Falls to $63,320, Lowest Since August, as $1.9 Billion in Leveraged Bets Are Liquidated

Bitcoin slid to $63,320 on Saturday, Nov. 14, its lowest level since mid-August. It had already broken below $69,000 on Friday.

CoinGlass data shows more than $1.9 billion in crypto positions were liquidated over 24 hours. Longs took $1.8 billion of it, about 93%. Short liquidations came to $123.5 million. In the final four hours of that window alone, $925 million was wiped out, almost all of it bullish bets.

Earlier Saturday, the same data showed about $1.01 billion liquidated, with more than 195,000 traders hit. The tally roughly doubled as the selling accelerated through the evening.

How far it has fallen

Bitcoin is down almost 14% on the week and about half from its record of roughly $126,000 in October 2025. It also broke below its 200-week moving average, near $68,000, a level long-term holders watch.

Altcoins fared worse. Aster fell 24%. Pump.fun and Uniswap dropped 18% each. Ether is below $1,850 and XRP is below $1, according to CoinGecko figures. The total crypto market is worth about $2.22 trillion, down more than 7% in a day.

The Crypto Fear & Greed Index hit 13 on Saturday, down from 20 on Friday and 28 on Thursday. It was last below 20 in early July.

The rate-hike backdrop

The main pressure is the Federal Reserve. October CPI showed headline prices up 0.4% on the month and core up 0.3%, above the 0.2% that was anticipated. Services excluding rent, a gauge the Fed watches closely, rose 0.5%.

Fed Governor Christopher Waller has backed a hike of at least a quarter point at the December meeting. He has said another core reading around 0.3% or higher should make a half-point increase a consideration. Futures markets now price a December hike as all but certain, and the dollar index has climbed above 103, its highest since April 2025.

Bitcoin pays no interest. When safer assets yield more, holding it gets harder to justify. That is the mechanism analysts describe.

James Butterfill, head of research at CoinShares, said in a note that the inflation problem "is therefore no longer easily dismissed as an oil story." He said some of the earlier energy shock appears to have spread into the broader economy.

Butterfill does not think a 50 basis point hike is the right call. "Inflation data are backward-looking, oil has fallen close to a fifth from its recent peak and financial conditions have already tightened considerably following last week's equity sell-off," he wrote. Three firm core readings, in his words, "make a case for persistence, not for an emergency."

Outflows and other pressure

U.S. spot Bitcoin ETFs lost $1.07 billion in the week through Friday, the most since late June, according to Farside Investors. Friday brought $185.4 million in outflows, the seventh straight trading day of withdrawals. BlackRock's IBIT has seen outflows for 11 straight trading days, about $2.35 billion in total.

Tech is adding to the weight. Nvidia confirmed this week that Jensen Huang resigned as CEO and board member, with CFO Colette Kress taking over as interim chief executive. Nvidia shares fell on the news.

MSCI also confirmed that Strategy, the largest publicly traded corporate Bitcoin holder, will be removed from its equity indexes after Nov. 30. That could force passive funds tracking those indexes to sell the stock. The decision does not require Strategy to sell any of its Bitcoin.

The Binance hack in the background

The selloff follows the Oct. 29 theft of about $6.3 billion from Binance, the largest crypto heist on record. The FBI has attributed it to the North Korean group TraderTraitor.

On Oct. 30, with Bitcoin near $76,500, Coinbase fell more than 14%, Strategy more than 9% and Robinhood more than 10%. Bitget Wallet research lead Lacie Zhang called the breach more a confidence shock to centralized crypto infrastructure than a problem for Bitcoin itself.

Binance co-CEO Richard Teng said the exchange has replenished about 95% of impacted assets and will absorb the loss, not its users. Binance said users pulled $3.64 billion over nine hours on Nov. 1 before withdrawals stabilized.

The Justice Department has since obtained court authorization to seize or restrain more than $1.2 billion of the stolen funds, and the FBI said government and private sector efforts have frozen more than $2.7 billion. The usual next step is a forfeiture claim before a judge, who decides who is entitled to the money.

The analysts quoted this week tie the latest leg down to inflation, the dollar, ETF flows and tech sentiment. None attributes it to the hack.

Bulls and bears disagree on what comes next

Zhang named $68,000 as the first threshold, then $65,000 to $66,000, and warned a decisive break could expose $62,000 to $63,000. Saturday's low landed in that zone. She sees first significant resistance at $72,000 to $74,000.

The read on big holders is split. Bitcoin.com News reports that some whale cohorts resumed accumulating and that leverage has been cut substantially. Butterfill said large holders resumed selling after a brief accumulation period. He added that weaker sentiment across AI and tech stocks is reducing risk appetite.

Butterfill's base case is that Bitcoin trades between $60,000 and $90,000 until something materially changes.

The next test is the Fed's December meeting. A quarter-point hike is what futures already price in. Whether Waller and his colleagues go for a half point will depend on the November inflation data, which has yet to be released.