Bitcoin liquidations briefly push BTC below $67,000

Bitcoin liquidations came in two waves. On Friday, Nov. 13, 2026, the break below $70,000 forced about $1.3 billion of crypto futures positions shut in a single day (83% of them longs), with bitcoin liquidations alone topping $670 million, according to Newspim, citing data from CoinGlass (private). Late that Friday in New York, bitcoin slid to $66,789 on Coinbase (Nasdaq: COIN) around 9:30 p.m. ET and to $66,369 around 11:10 p.m. ET, based on five-minute candles. According to Cryptoticker, that is the lowest level since Aug. 19 on CoinGecko (private) daily data, about three months. During the second leg, daily liquidations neared $700 million, Tokenpost reported in a Nov. 14 afternoon (Seoul time) story. A U.S. producer price report and spot ETF outflows set the backdrop, but leveraged bets on higher prices made the fall deeper.

Bitcoin liquidations hit $1.3 billion: what happened over two days

Most of the roughly $1.3 billion in 24-hour crypto liquidations, including about $670 million in bitcoin, happened on Nov. 13 as $70,000 gave way; KuCoin's Nov. 14 tally of $1.291 billion covers an overlapping 24-hour window, according to Newspim and KuCoin News. The second leg below $67,000 came later. The first drop also came before the U.S. producer price index (PPI) release. According to Newspim, bitcoin fell to $67,652 during Asian hours on Nov. 13, and about $500 million was liquidated just as $70,000 broke. Because each 24-hour window keeps rolling, totals differ by time, so the table lists them with timestamps.

The producer price index measures changes in the prices businesses receive for goods and services. According to the BLS, October PPI rose 6.5% from a year earlier, the largest gain since November 2022. Digital Today reported that bitcoin failed to retake $70,000 even though the monthly gain came in 0.1 percentage point below forecasts. On the FedWatch tool from CME Group (Nasdaq: CME), the odds of a quarter-point hike in December rose from 85.4% on Nov. 12, before the PPI, to 89.7% after it, Digital Today reported. The PPI was less the trigger than the data that took away reasons to bounce. ETF money was leaving too. According to Farside Investors (private), U.S. spot bitcoin ETFs saw net outflows of $185.4 million on Nov. 13, with $143.5 million from IBIT, run by BlackRock (NYSE: BLK), as reported by Economy Bloc. U.S. stocks also slipped that day on chip selling and higher yields (why the Nasdaq fell on Nov. 13). The five-week bitcoin slide and ETF outflows are covered in our earlier bitcoin and ETF outflow analysis. This time, that trend turned into a leverage flush once $70,000 gave way.

What is a forced liquidation, and why does it deepen a drop?

A forced liquidation happens when a trader who posted margin and borrowed to enlarge a position loses enough to reach the margin threshold, and the exchange closes the position at market price. When a long is liquidated, the exchange sells that amount into the market, and the selling pushes the price toward the next trader's liquidation level. That chain reaction is a liquidation cascade.

The higher the leverage, the shorter the distance to liquidation. The table below is a simple calculation for a long opened at $70,000 (it ignores maintenance margin and fees, so real liquidations come a little earlier; Gist 7 calculation).

A 20x long would have hit its limit near this week's low. Just below a widely watched level like $70,000, liquidation prices and stop-loss orders tend to pile up. When that level breaks, liquidations fire all at once, which is what Newspim described when about $500 million was liquidated as $70,000 broke.

Bitcoin funding rate and open interest: how much leverage is left?

Leverage has shrunk but has not been flushed out, according to public data on the bitcoin perpetual futures contract (BTCUSDT) at Binance (private). A perpetual future is a futures contract with no expiry, and open interest is the total number of contracts still open. Binance BTCUSDT open interest fell 5.2%, from 102,149 BTC at 16:00 UTC on Nov. 12 to 96,873 BTC at 04:00 UTC on Nov. 14. Across the market, bitcoin futures open interest stood at $48.87 billion at 04:30 UTC on Nov. 13, down 4.32% from a day earlier, according to Blockmedia, citing CoinGlass.

The funding rate is the payment longs and shorts exchange every eight hours to keep perpetual futures prices tied to the spot price. When it is positive, longs pay shorts; when it is negative, shorts pay longs. Binance BTCUSDT funding settled at its 0.0100% baseline at 00:00 UTC on Nov. 13, then cooled to 0.0013% at 08:00 UTC, in the middle of the sell-off. It rose back to 0.0040% at 16:00 UTC and 0.0060% at 00:00 UTC on Nov. 14, and never turned negative. Dropping below the baseline shows froth cooled, but not enough to tilt the market toward shorts.

The long-short account ratio shows the remaining tilt toward longs more clearly. At Binance it rose from 2.81 at 08:00 UTC on Nov. 12, before the drop, to 3.46 at 11:00 UTC on Nov. 13, and was still 3.19 at 04:00 UTC on Nov. 14. Some accounts may have opened new longs to buy the dip. If so, there could still be positions left to liquidate if the price slips again.

Weekend bitcoin risk and the view from South Korea

On weekends, thin trading lets the same liquidation selling move prices more, and in South Korea the won price floats on a premium of about 2.5% while the exchange rate stays frozen at Friday's close. Crypto trades while stock and currency markets and U.S. spot ETFs are closed, but volume drops sharply. Binance spot BTC/USDT volume ran at $1.1 billion to $1.2 billion a day on Nov. 9 to 12, but only $400 million on the previous Saturday, Nov. 7 (UTC days; Binance spot data, Gist 7 tally).

The kimchi premium is the percentage by which bitcoin on South Korean exchanges trades above the overseas dollar price converted into won. At 2:17 a.m. ET on Nov. 14, Upbit quoted bitcoin at 92.22 million won. Multiplying Coinbase's $67,321 at the same time by the Nov. 13 Seoul daytime close of 1,336.7 won per dollar (3:30 p.m. local time, Etoday) gives about 89.99 million won, a premium of about 2.5% (Gist 7 calculation). Most of that premium comes from the dollar itself: tether (USDT), a dollar-pegged token, traded at 1,369 won on Upbit, already 2.4% above the exchange rate.

The won-based floor sits in a similar place. Upbit's price on Nov. 14 was 4.4% above its 52-week low of 88.342 million won on Aug. 14, while the dollar price was about 4% above CoinGecko's Aug. 19 daily value of $64,686. The two lows fall on different dates because the won price also moves with the exchange rate and the kimchi premium.

Market impact map

Little direct impact: 2-year Treasury, 10-year Treasury, dollar index, USD/KRW, gold, oil (WTI), S&P 500, Nasdaq, KOSPI

Market reactions can vary with other factors, and this table is not a basis for investment decisions.

• Background factors (causes rather than results of this drop): 10-year Treasury yield at 5.123% and the dollar index above 103, its highest since April last year (Newspim, Nov. 13 story); Nasdaq closed down 0.91% on Nov. 13 (Yahoo Finance)
• Investors in South Korea: the won price of bitcoin depends on the dollar price, the won-dollar rate and the kimchi premium. Tether traded at 1,369 won on Upbit on Nov. 14 (previous close 1,365 won), 2.4% above the Nov. 13 exchange rate.
• Offshore futures traders: when trading is thin, as on weekends, the same leverage can reach its liquidation price faster.

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