Bitcoin sinks to a four-month low near $62,100 as liquidations near $2 billion
Bitcoin fell to about $62,100 in Asian trading on Sunday, its weakest since July, as almost $2 billion in leveraged crypto positions were wiped out and spot bitcoin funds kept losing money.
A weekend slide that broke a key level
Bitcoin sank 5.7% in the U.S. session on Saturday and fell further in Asian trading on Sunday to about $62,100, its weakest since July 14, Bloomberg reported. The largest cryptocurrency later bounced back to around $64,800 at noon in Singapore and climbed above $65,000 during Sunday trading.
Ether, the second-largest token, fell 8% in the U.S. session and a further 3.4% on Sunday to $1,711, its lowest since July 8, before paring losses to around $1,800. The slide took bitcoin below its 200-day moving average of about $73,000.
Leverage turned a fall into a rout
On Friday, bitcoin's slide triggered the liquidation of roughly $1.3 billion in long crypto bets over 24 hours, with bitcoin positions accounting for most of that sum, according to CoinGlass data cited by Bloomberg. In the 24 hours through noon on Sunday in Singapore, exchanges tracked by CoinGlass recorded about $1.95 billion of crypto liquidations, including $758 million in bitcoin and $466 million in ether, with long positions accounting for the vast majority.
Large liquidation events, in which more than $500 million of bitcoin positions are wiped out in a day, are becoming a recurring feature of the market, Bloomberg reported. Yahoo Finance reported that Glassnode had flagged the $59,500 to $62,600 range as a concentration of potential liquidations before the weekend, and Sunday's low landed inside it.
Money is leaving, and the IPO queue is long
U.S.-listed spot bitcoin funds have seen almost $3 billion in net outflows from October 30 through November 13, Bloomberg reported, and Yahoo Finance put the latest week's outflows at about $1.07 billion across 7 straight sessions. Institutional buyers have been retreating since the $6 billion Binance hack on October 29.
Some of the money may be heading for next week's Anthropic IPO instead. MarketWatch reported that demand for the offering already runs about 6 times the shares available, and strategists said investors may need to sell liquid holdings to make room. The same pattern played out before SpaceX's June debut, when bitcoin fell from above $80,000 to below $70,000. Higher-rate expectations add pressure: producer prices rose 6.5% over the year to October, the Bureau of Labor Statistics reported, and consumer prices rose 0.4% in the month.
