The crypto market loses $147 billion in 24 hours as Bitcoin falls below $70,000 and Ethereum drops below $2,000. Meanwhile, bearish whale bets and five consecutive days of Bitcoin and Ethereum ETF outflows add to selling pressure.
Crypto market bears have tightened their grip as selling pressure has intensified for the second consecutive day. Today, the market has plunged 4.65% over the past 24 hours, erasing $147 billion in market value, as per CoinGecko.
Amid this selloff, top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) plunged 6.6% and 5.65%, respectively, over the past 24 hours. Following the sharp decline, BTC fell below $70,000 to trade at $69,050, while ETH dropped below $2,000 to the $1,930 level.
Meanwhile, Binance Coin (BNB) and Solana (SOL) followed the same downward trend, declining 5.5% and 3.75%, respectively, over the same period.
This notable market-wide price crash has triggered mass liquidations among short-term traders, according to data from derivatives platform CoinGlass.
Data shows that 186,393 traders have had their positions liquidated, with total liquidations reaching $1.64 billion over the past 24 hours. Meanwhile, the largest single liquidation order was recorded on Hyperliquid's BTCUSD pair, worth $31.09 million.
Of the total $1.64 billion in liquidations, BTC was hit the hardest, accounting for $916.33 million, followed by ETH, which recorded $289.28 million in liquidations over the same period.
This wave of liquidations and the continuous price decline have triggered fears among market participants. CoinGlass data indicates sellers' dominance in the market.
According to Bitcoin's exchange liquidation map, $67,475 on the lower side and $72,675 on the upper side are the two major price levels to watch today. At these levels, traders have accumulated $387.81 million worth of leveraged long positions and $1.65 billion worth of short positions.
This imbalance in traders' bets clearly indicates bearish sentiment in the market.
At the moment, whales also appear to be betting against BTC. A crypto transaction tracker, Onchain Lens, reveals that three Hyperliquid traders are holding BTC shorts worth a combined $19.66 million, with leverage ranging from 10x to 25x.
Meanwhile, a wallet linked to the Ethereum Foundation continues to sell its holdings. According to Lookonchain, the wallet sold 2,000 ETH worth $3.87 million today, marking its fourth sale. Previously, the same wallet had sold ETH on November 10, October 26, and October 12, 2026.
In addition to liquidations, Wall Street's demand for crypto remains weak, as reflected in U.S. spot crypto ETFs.
According to SoSoValue, Bitcoin ETFs have continued to record outflows for five consecutive days. On November 11, 2026, the market witnessed massive outflows of $299.90 million.
Meanwhile, Ethereum ETFs followed a similar trend, recording outflows of $144.81 million and marking their fifth consecutive day of outflows.
TradingView's daily chart presents a negative outlook for Bitcoin. In fact, the chart suggests that the decline could continue in the coming days. The primary factor driving this bearish momentum appears to be the recent breakdown of a key support level near $72,800, which had previously acted as a strong support floor for BTC.
Following the breakdown, market sentiment has turned negative, as BTC has opened the door to further downside. So far, the asset has declined sharply, reaching $69,050. The current chart suggests that if Bitcoin remains below the $72,800 level, it could face another 3.85% decline, potentially reaching the $66,000 level in the coming days.
Meanwhile, Ethereum's daily chart also shares a similar outlook. The asset has continued to decline after losing a major support level near $2,145.
Looking at the daily chart, ETH appears to be heading toward its next key support level at $1,800. If this happens, the asset could see another 7.30% decline.
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