Crypto 'blood bath' wipes out $236M in an hour: Is this the start of a much bigger crash?

Synopsis

Bitcoin price fell below $66,000 and Ethereum dropped under $1,850 on November 14. The latest sell-off wiped out more than $215 million in leveraged crypto positions within an hour. BTC slid from above $67,100 towards $65,800. ETH dropped from around $1,905 to below $1,850. The selling did not stop with the two largest cryptocurrencies. Litecoin lost more than 6%, XRP fell below $1 and the Nasdaq Crypto Index declined 4.66%.

Bitcoin(BTC) price fell below $66,000 and Ethereum(ETH) dropped under $1,850 on November 14. Around $215 million in leveraged crypto positions were liquidated within 60 minutes, according to the initial market report. The latest fall has put both cryptocurrencies under pressure after a week of heavy losses. Bitcoin is heading towards its sixth consecutive weekly decline. Ethereum has also lost ground as investors pull money from crypto funds and traders cut their exposure to risky assets.

The fall was visible across both markets. Bitcoin dropped from above $67,100 to around $65,800 in the supplied intraday charts. Ethereum fell from roughly $1,905 to below $1,850. Both attempted to recover during the session. Fresh selling erased those gains.

The wider market offered little protection. Litecoin fell more than 6%, XRP slipped below $1 and the Nasdaq Crypto Index lost 4.66% in the supplied price table. The latest liquidation wave is one part of a much larger retreat from digital assets.

Bitcoin price crashes below $66,000 as six-week losing streak approaches

Bitcoin's latest decline follows its break below $70,000 on November 13. That was the first time the cryptocurrency had fallen below the level since August. The November 14 charts show another sharp move lower, with Bitcoin falling from above $67,100 towards $65,800.

The BTC market table, last updated at 10:26:29 a.m. ET, gives a separate reading of $65,202.47, down $3,049.42, or 4.47%.

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The weekly picture is also worrying for investors. Bitcoin has lost more than 20% since late October and is approaching its sixth consecutive weekly loss. A sustained recovery has become harder as institutional demand weakens.

US spot Bitcoin ETFs recorded $185.45 million in net outflows on Friday, November 13, according to SoSoValue data reported by Investing.com. That extended the withdrawal streak to seven consecutive trading sessions. Cumulative outflows since November 5 reached approximately $1.91 billion.

BlackRock's iShares Bitcoin Trust, known as IBIT, has accounted for a substantial share of the withdrawals. The ETF outflows matter because they represent money leaving investment products that hold Bitcoin, adding to concerns about institutional demand.

Ethereum price falls below $1,850 as ETF withdrawals continue

Ethereum has suffered alongside Bitcoin. Its intraday chart shows the cryptocurrency falling from around $1,905 to $1,852.24, a decline of 3.94%. Another chart records $1,848.92.

The market table gives Ether a price of $1,833.91, down $93.78, or 4.86%.

Ethereum had already fallen below $2,000 on November 13. Its latest decline has brought the $1,850 level under pressure. The chart also shows a brief recovery towards $1,890 before another sharp drop.

ETF withdrawals have added to the pressure. US spot Ethereum ETFs recorded $144.8 million in withdrawals on Thursday, according to the November 13 report from Crypto.news. The funds have faced weaker demand as investors reassess their exposure to digital assets.

Ethereum's decline is also important for the wider market. It shows that the selling is not restricted to Bitcoin. Investors are reducing exposure to major cryptocurrencies, while leveraged positions are adding to price swings.

Litecoin, XRP and Nasdaq Crypto Index join the November sell-off

The losses have spread beyond the two largest cryptocurrencies. The November 14 market data show declines across all five listed assets.

CryptocurrencyPriceChange% changeNasdaq Crypto Index3,180.19-155.42-4.66%Bitcoin$65,202.47-$3,049.42-4.47%Ether$1,833.91-$93.78-4.86%Litecoin$46.12-$3.22-6.53%XRP$0.97-$0.04-3.57%

Litecoin recorded the steepest percentage loss in the table. XRP fell below the $1 mark, a level that traders closely watch. The Nasdaq Crypto Index declined 4.66%, reflecting weakness across a wider group of digital assets.

The initial market report put one-hour liquidations at around $215 million. A separate CoinGlass-based report from November 14 cited by The Crypto Times put the figure at $236.54 million over 60 minutes. Its reported 24-hour liquidation total reached $1.26 billion.

Most of the forced closures involved traders betting on higher prices. Such positions are known as long positions. Traders use borrowed funds to increase the size of their market exposure. When prices move against them, exchanges can automatically close their positions once their available margin falls below the required level.

The broader November 13 sell-off was even larger. CoinGlass data cited by CoinDesk showed approximately $1.64 billion in cryptocurrency positions liquidated over 24 hours. Long positions accounted for nearly 89% of the total. Bitcoin alone represented around $916 million, while Ethereum accounted for approximately $289 million.

The US Dollar Index climbed above 103 on November 13, reaching its highest level since April 2025. The move followed hotter-than-expected US inflation data and increased expectations of another Federal Reserve rate increase in December.

CoinDesk reported that CME FedWatch data showed an 88% probability of a 25-basis-point increase and a 12% probability of a 50-basis-point increase at the time.

Is a bigger Bitcoin and Ethereum crash coming?

Bitcoin's next move will depend partly on whether buyers return near the $65,000 region. The recent charts show repeated attempts to recover, but neither Bitcoin nor Ethereum managed to hold its intraday gains.

For Ethereum, the $1,850 level remains an important price area after the latest breakdown. A sustained recovery above that level would help ease immediate selling pressure. Another move lower would leave traders watching the next support areas.

ETF flows will also matter. Continued withdrawals would suggest that institutional investors are still reducing exposure. A reversal in those flows could provide some relief.

The derivatives market offers another warning. Heavy long liquidations show that bullish traders have already suffered significant losses. Further declines could trigger additional forced selling, particularly if traders continue to use high leverage.

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