Market Unrest Sees Bitcoin Plummet to $96K Levels

Key Points

• Bitcoin’s price fell below $97,000 on November 14 due to high market volatility and other factors.
• Over $1.1 billion in 24-hour crypto liquidations and significant outflows from US-based BTC ETFs contributed to the decline.

On November 14, the price of Bitcoin dropped below $97,000 amid high market volatility.

The overall crypto market fell by over 6% in the past 24 hours, with a market cap of $3,29 billion.

Factors Influencing Bitcoin’s Price Drop

Bitcoin’s price decline was driven by several factors, including high crypto liquidations and a significant amount of outflows from US-based BTC ETFs.

At the time of writing this article, BTC is trading above $96,000, down by over 6.5% in the past 24 hours.

Bitcoin’s price dropped from $103,000 levels on November 13.

This decline was ahead of the crypto options expiry on Deribit and was triggered by several factors.

Effect of Crypto Options Expiry

On November 14, $4,68 billion in BTC and ETH options expired.

41,000 BTC options worth $3,95 billion expired with a Put/Call Ratio of 0.61 and a Max Pain Point of $105,000.

Also, 228,000 ETH options worth $730 million expired with a Put/Call Ratio of 0.59 and a Max Pain Point of $3,475, according to GreeksLive data.

Impact of Crypto Liquidations

The crypto market saw $1.1 billion in 24-hour crypto liquidations, with over $969 million in long positions and more than $128 million in shorts, as per CoinGlass data.

More than 245,700 traders were liquidated in the past 24 hours, and the largest liquidation was on HTX (BTC-USDT value almost $44,3 million).

Hyperliquid recorded the highest liquidations, above $291 million, followed by Bybit with over $289 million and Binance with more than $214 million, according to CoinGlass data.

Outflows from BTC ETFs

It’s also worth noting that US-based BTC ETFs recorded significant outflows on November 13 – almost $870 million.

This marked the largest outflow day in November and the second largest in history.

Grayscale’s BTC ETF, BTC saw the biggest outflows above $318 million, followed by BlackRock’s IBIT above $256 million, according to SoSoValue data.

November is the month with the highest outflows in 2025 since February when BTC ETFs saw total outflows of over $3,5 billion.

Changes in US Interest Rate

In addition, CME Group data shows that the chances for an upcoming interest rate cut in December have dropped to 52.1%, compared to over 65% in the past days.

Despite the recent market volatility, there are still plenty of reasons to remain optimistic about Bitcoin amidst growing global adoption and clearer crypto regulations that could attract more capital in the industry.