Crypto liquidations top $1.9 billion as Bitcoin falls to $63,320
In brief
- Crypto liquidations passed $1.9 billion in 24 hours, per CoinGlass data reported by Crypto Briefing.
- Bitcoin fell to $63,320, its lowest level since mid-August, per CoinGecko data.
- Long positions accounted for roughly 93% of liquidations, about $1.8 billion.
- Crypto Fear & Greed Index fell to 13 on Saturday, down from 20.
- CoinShares' James Butterfill sees Bitcoin trading broadly between $60,000 and $90,000.
Longs took almost all of it
The drop extended a decline that took Bitcoin below $69,000 on Friday. Prices here are CoinGecko data as of Nov 14, 6:15 PM EST (they move fast, so that timestamp matters).
The split was lopsided. CoinGlass data, as reported by Crypto Briefing, showed short liquidations at just $123.5 million against roughly $1.8 billion in longs. Selling sped up in the final four hours of the window, when $925 million in positions were wiped out, and nearly all of them were bullish bets.
Altcoins fell harder. Aster dropped 24%, while Pump.fun and Uniswap each lost 18%. Internet Computer, Worldcoin, Ethena and Bittensor were each down about 16%.
Sentiment slides into extreme fear
The Crypto Fear & Greed Index fell to 13 on Saturday, down from 20 the day before. It hadn't been below 20 since early July.
That's deep in extreme-fear territory.
What CoinShares is watching
In a research note, CoinShares' James Butterfill warned that tighter monetary policy, renewed whale selling and weaker tech-sector sentiment could limit Bitcoin's upside. October CPI data showed a 0.4% monthly rise in headline prices, a 0.3% rise in core CPI and a 0.5% gain in services excluding rent. Those numbers revived debate over a possible 50 basis point Fed hike in December, and Fed Governor Christopher Waller had said another core reading of around 0.3% or higher should make a half-point increase a consideration.
Butterfill isn't sold on that. He said CoinShares remains skeptical that 50bp is the most sensible response. His reasons: oil has fallen close to a fifth from its recent peak, and financial conditions have already tightened after the prior week's equity sell-off. He also said large Bitcoin holders have gone back to selling after a brief accumulation period, and weaker sentiment around AI and tech stocks is cutting into risk appetite.
"Our base case remains that Bitcoin trades broadly between $60,000 and $90,000 until something materially changes," Butterfill wrote.
He did flag one wildcard. In his view, a sharp rise in Treasury yields toward 6% or 7% could eventually lead to more aggressive intervention in bond markets.
Frequently asked questions
How much of the $1.9 billion in crypto liquidations came from long positions?
Long positions made up roughly 93% of the total, about $1.8 billion, according to CoinGlass data reported by Crypto Briefing. Short liquidations came to $123.5 million. In the final four hours of the period, $925 million in positions were wiped out, and nearly all of them were bullish bets.
What does CoinShares' James Butterfill expect for Bitcoin's price range?
In a research note, Butterfill said CoinShares' base case is for Bitcoin to trade broadly between $60,000 and $90,000 until something materially changes. He warned that tighter monetary policy, renewed whale selling and weaker tech-sector sentiment could limit Bitcoin's upside. This is his view, not a forecast from LeoDex News.
