Key Takeaways
- Since Friday, Nov. 13, $130 billion vanished from the cryptocurrency market in days, with bitcoin and major altcoins suffering steep weekly declines.
- XRP fell below $1 for the first time since brief August dips, reaching prices last seen in November 2024.
- Liquidations reached $1.71 billion across 260,271 traders, while the Crypto Fear & Greed Index plunged to 10.
$130 Billion Disappears as Bitcoin and XRP Break Critical Levels
The weekend delivered another bruising chapter for cryptocurrency investors and traders, with the market’s aggregate valuation retreating to $2.19 trillion after surrendering $130 billion since Friday’s trading sessions. The decline extended a broader November retreat, leaving numerous digital assets nursing substantial losses.
On Bitstamp, bitcoin’s price tumbled to an intraday low of $61,947 per unit, although the leading crypto asset subsequently recovered toward the mid-$64,000 range; it remained down 14.5% over the past seven days. XRP endured an equally consequential breakdown, slipping beneath the psychological $1 threshold and touching an intraday low of $0.8922. By 11:30 a.m. Eastern time on Sunday, XRP rebounded to $0.95 per coin.
Elsewhere, the seven-day damage extended across major cryptocurrencies. Zcash (ZEC) suffered the steepest decline among the tracked assets, losing 29.7%, followed by solana (SOL) at 19.8%, ethereum (ETH) at 19%, XRP at 17.4%, BNB at 15.1% and hyperliquid (HYPE) at 12.9%. tron (TRX) proved comparatively resilient, declining just 4.4%.
The seven-day carnage extended across a broad swath of altcoins, with uniswap (UNI) plunging 26.66% to $5.11 and aerodrome finance (AERO) shedding 26.47% to $0.4348. Holo (HOT) followed with a 24.33% decline this week, while apecoin (APE) and centrifuge (CFG) surrendered 24.23% and 23.91%, respectively.
Aptos (APT) retreated 23.55%, basic attention token (BAT) lost 23.39%, and pudgy penguins (PENGU) slipped 23.31%. Curve DAO’s token CRV rounded out the group with a 23.19% weekly loss, illustrating the severity of the selling pressure gripping the broader altcoin market.
$1.71 Billion Liquidated as Extreme Fear Grips Cryptocurrency Traders
The selloff inflicted particularly severe punishment on leveraged traders. On Sunday at 11 a.m. Eastern time, Coinglass statistics showed approximately $1.71 billion in cryptocurrency liquidations over 24 hours, affecting 260,271 traders.
Long positions accounted for $1.37 billion, representing 80.2% of the total, compared with $338.09 million in short liquidations. Bitcoin derivatives alone absorbed approximately $690 million in liquidations, while ethereum positions accounted for another $400.35 million.
Hyperliquid recorded $79.69 million, solana $75.45 million and XRP $43.88 million. The largest individual liquidation involved a $16.17 million ethereum long position on Binance. Bitcoin-specific liquidation data shows more than $486 million in BTC longs and over $200 million in shorts.
Hyperliquid, Binance, and Bybit collectively represented more than 81% of those bitcoin liquidations, illustrating the concentration of leveraged exposure across major trading venues. Meanwhile, the Crypto Fear & Greed Index deteriorated to 10, firmly within extreme fear territory.
The reading followed 13 the previous day and 20 earlier in the week, illustrating how rapidly investor confidence deteriorated as prices breached established support levels. Such depressed sentiment can precede temporary recoveries, but historical extremes offer no assurance that selling pressure has exhausted itself.
ETF Withdrawals and Shrinking Stablecoin Supply Deepen the Damage
Institutional selling pressure has added another dimension to the cryptocurrency market’s troubles. According to Sosovalue statistics, U.S. spot bitcoin exchange-traded funds (ETFs) registered a staggering $2.97 billion in net outflows across the 12 trading sessions from Oct. 29 through Nov. 13, with only two sessions recording positive flows.
November alone has accounted for $2.35 billion in withdrawals, including $1.07 billion during the latest five-day trading week, marking an extended retreat from investment products that previously provided substantial buying demand. Even more striking, the combined net assets held by U.S. spot bitcoin ETFs contracted from $104.27 billion on Oct. 29 to $86.20 billion on Nov. 13, representing an $18.07 billion reduction, or approximately 17.33%.
While that decline reflects both investor withdrawals and falling bitcoin valuations, cumulative net inflows also retreated from $57.62 billion to $54.63 billion over the same period. The latest ETF metrics illustrate how sustained redemptions and deteriorating cryptocurrency prices have simultaneously eroded the sector’s institutional investment base.
Liquidity conditions have deteriorated considerably, with the stablecoin economy shedding $26.15 billion since its May peak of $311 billion. According to Defillama statistics collected Saturday, Nov. 14, the sector’s capitalization stood at $284.85 billion, reflecting a 5.36% decline over the last 30 days. Tether’s USDT and Circle’s USDC collectively accounted for $244.42 billion, with both recording monthly contractions approaching 5%.
On top of all that, weekend trading conditions compounded these pressures, as thinner order books left cryptocurrency prices more vulnerable to aggressive selling and cascading liquidations. For now, the market faces an uncomfortable combination of institutional withdrawals, contracting stablecoin liquidity, and damaged investor confidence.
Although bitcoin prices have recovered somewhat from the recent lows, standing at $64,624 at 11:30 a.m. Eastern time Sunday, the central question remains whether sufficient buying demand can return before another wave of selling tests the market’s remaining defenses.
