Bitcoin and Ether fell to three-month lows on Thursday, extending a decline that has erased about $550 billion from the crypto market’s total value since October. Market capitalization has dropped from roughly $2.94 trillion to $2.39 trillion. Leveraged positions were liquidated as prices fell, while persistent outflows from US spot Bitcoin ETFs and a contraction in stablecoin supply left fewer sources of capital to absorb selling.
$727 million in positions liquidated over 24 hours
Bitcoin briefly touched $71,317, its lowest level since August, while Ether fell below $2,000 to $1,983. Market sentiment weakened further: the CryptoQuant Analyst Consensus Index fell over seven days from one standard deviation below its average to 1.8 standard deviations below, pointing to increasingly bearish expectations.
CoinGlass data showed that positions held by 125,731 traders were liquidated over the rolling 24 hours through November 12, with a notional value of about $727 million. Bitcoin-related liquidations totaled roughly $293.8 million, 91.1% of them from long positions. Ether liquidations came to about $120.2 million, with longs accounting for 87.7%. Together, the two assets made up approximately $414 million, or 57% of all liquidations.
During the most concentrated four-hour stretch of selling, liquidations of leveraged positions approached $489 million. Long positions accounted for about $446 million of the losses, compared with roughly $44 million for shorts. The largest single liquidation was a Bitcoin position worth about $31 million on decentralized derivatives platform Hyperliquid.
The concentration of liquidations in positions betting on price increases shows how falling prices forced platforms to close leveraged trades, potentially adding to selling pressure. The wave of liquidations came as institutional demand and liquidity across crypto markets were both weakening.
ETF outflows and falling stablecoin supply
US spot Bitcoin ETFs recorded about $2 billion in net outflows over the past three weeks, according to SoSoValue data. Ether-related products were on track for a seventh consecutive week of outflows, with more than $2.1 billion withdrawn over that period. Ongoing redemptions, alongside reduced market liquidity, have limited the market’s capacity to absorb selling.
The supply of major dollar-pegged stablecoins fell by $14.2 billion over the past 30 days. Over the same period, apparent Bitcoin demand declined by 284,000 BTC. The figures point to a liquidation wave hitting a market with limited new capital entering and relatively little demand available to take the other side of sales.
Bitcoin falls below its 200-day average; $68,000 in focus
Bitcoin has dropped below its 200-day moving average, near $73,200. With the widely watched trend indicator lost, attention has shifted to lower levels where buyers might emerge. CoinGlass’s liquidation heatmap identifies about $68,000 as the next potential support area. A further decline would test whether buyers can absorb additional selling there.
A deeper valuation reference comes from the Cumulative Value Days Destroyed (CVDD) indicator, monitored by Joao Wedson, CEO of blockchain analytics firm Alphractal. The metric combines the value of on-chain Bitcoin with the time it has been held to identify valuation zones near past market bottoms. Its current historical bear-market reference is about $52,700.
Using $72,500 as a comparison price, Bitcoin is about 37.7% above that CVDD reference. A fall to that level would represent a further decline of roughly 27% from $72,500. CVDD is not a fixed technical support line: its reading changes with on-chain activity and can be affected by transfers of older Bitcoin. The indicator does not establish that the current market will fall to $52,700.
Past CVDD levels do not guarantee a repeat
Wedson noted that Bitcoin has approached or briefly moved below CVDD readings in previous market cycles. In December 2018, Bitcoin bottomed near $3,122 while CVDD was about $3,060. In November 2022, the market bottomed around $15,479, slightly below the indicator’s $15,900 reading. Price also fell below the metric before recovering during downturns in January 2015 and March 2020.
Those episodes offer historical comparisons, not evidence that the current decline will follow the same path. In the near term, the market will be watching whether buyers defend the roughly $68,000 area flagged by CoinGlass and whether Bitcoin can reclaim its 200-day moving average. If prices fail to stabilize, concern about the duration of the correction may grow, bringing the $52,700 historical valuation reference further into focus.