If your portfolio looks like a crime scene this morning, you are not alone. $Bitcoin slipped below $69,000 on November 13, its lowest level in three months, and roughly $60 billion left the c
If your portfolio looks like a crime scene this morning, you are not alone. $Bitcoin slipped below $69,000 on November 13, its lowest level in three months, and roughly $60 billion left the crypto market in just four hours. Bitcoin is now about 46% below its October 2025 record of around $126,000, and the altcoins are taking even bigger hits.
So what is going on? This isn't one bad headline. Three separate forces are hitting the market together. Let's break them down.
The biggest one is macro. October's US inflation report came in hotter than expected: headline CPI rose 0.4% month over month against a 0.3% forecast, and core CPI rose 0.3% against 0.2%.
That changed the conversation around the Federal Reserve's December 8 to 9 meeting. Markets are no longer asking when the cuts come. They are now pricing in the risk of a half-point rate hike. Fed Governor Christopher Waller had already said a 0.3% core reading would make him consider one, and Dallas Fed President Lorie Logan says the Fed needs at least two more quarter-point hikes.
Bond markets reacted fast:
Why does this matter for crypto? When a risk-free government bond pays close to 5%, assets that pay no yield, like Bitcoin, become a much harder sell. Higher rates drain liquidity, and crypto runs on liquidity.
Crypto is still trading like a high-beta tech stock, and tech is having a terrible month.
The trouble started after the US midterm elections, when Democrats won both the Senate and the House. Investors began pricing in tougher regulation and less certainty around AI infrastructure spending. On November 5, the Philadelphia Semiconductor Index closed down 12.2%, AMD lost 17.3%, Nvidia lost 9.3% and the Nasdaq dropped 5.5%. Crypto-linked stocks followed, with Coinbase down 9.7% and Strategy down 9.3%.
Then came the Nvidia leadership drama. CEO Jensen Huang admitted to an affair with a woman reported to be a suspected foreign intelligence operative, and Nvidia's board launched an independent investigation. The board says it still has confidence in Huang, but prediction markets and analysts are now openly discussing whether he could step down. Nvidia shares are down about 18.6% over the past month, and AI and tech names lost an estimated $2.5 trillion in value in a single week.
When the most important stock in the AI trade is in trouble, risk appetite disappears across the board, and Bitcoin is one of the first assets to feel it.
The third reason is about who is selling, and that's institutions plus overleveraged traders.
Spot Bitcoin ETFs have recorded about $1.44 billion in net outflows over five trading sessions:
BlackRock's IBIT, the largest of them all, has now seen nine straight days of outflows, totaling roughly $2 billion. That is steady selling pressure from the same institutional money that pushed Bitcoin to its record last year.
On top of that came the liquidation cascade. When Bitcoin broke $72,000, then $70,000, then $69,000, each level triggered forced selling of leveraged long positions, which pushed prices lower and triggered the next wave. Estimates put liquidations at over $500 million in a single hour, and nearly all of it came from traders betting on higher prices.
Translation: leverage turned a correction into a crash.
Here is how the top coins look right now. Bitcoin is holding just under $69,000 after a 6.42% daily drop, and Bitcoin's market cap has fallen to $1.38 trillion. $Ethereum lost $2,000 and is down more than a third since January. $XRP has had the worst year of the group, down 44% YTD and barely holding $1. $Solana and $BNB are down 35% and 27% YTD. The only top coin in the green for 2026 is $TRON, up 9.34% YTD.
Coin Price 24h 7d YTD $BTC $68,779.15 🔴 -6.42% 🔴 -8.63% 🔴 -21.41% $ETH $1,938.78 🔴 -5.37% 🔴 -12.50% 🔴 -34.66% $BNB $632.60 🔴 -6.09% 🔴 -7.83% 🔴 -26.72% $XRP $1.02 🔴 -1.39% 🔴 -12.69% 🔴 -44.05% $SOL $80.34 🔴 -3.01% 🔴 -9.92% 🔴 -35.45% $TRX $0.3108 🔴 -1.82% 🔴 -2.34% 🟢 +9.34%Track every coin live on our crypto prices page, and check total market cap, dominance and the Fear and Greed Index on our crypto charts.
Three things to watch over the coming weeks:
Until then, expect volatility in both directions. Crashes like this tend to flush out leverage, which can set the stage for a sharper recovery later. Timing that bottom is another matter.
