Bitcoin plunged to a four-month low on Sunday, November 15, as a weekend cryptocurrency sell-off triggered approximately $2 billion in forced liquidations, extending a retreat driven by institutional fund withdrawals and weakening investor appetite for risk.
The world’s largest cryptocurrency fell to $62,112 in Asian trading, its lowest since July 14, after losing 5.7% during Saturday’s US trading hours. Ether dropped to $1,711, its weakest level since July 8, while losses spread across other major digital assets.
The downturn followed two consecutive weeks of heavy withdrawals from US-listed spot Bitcoin exchange-traded funds. Investors pulled $2.35 billion from the funds over the fortnight ending November 13, including $1.07 billion in the latest week, according to SoSoValue data analysed by The Block.
Selling accelerated after Bitcoin breached its 200-day moving average near $73,000, triggering fresh short positions and the forced closure of leveraged bullish bets. Cryptocurrency market maker GSR identified the technical breakdown as a major catalyst.
Approximately $2 billion in cryptocurrency positions were liquidated over 24 hours, according to Coinglass data cited by Bloomberg. The figure represents the notional value of positions closed, rather than investors’ realised losses.
Expectations of higher US interest rates and concerns over technology-sector valuations added to pressure on speculative assets, although the extent of their direct contribution to the weekend collapse remains uncertain.
The rout highlights the cryptocurrency market’s vulnerability to institutional withdrawals and leveraged trading, with deteriorating liquidity capable of turning sustained selling into abrupt price declines.
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