Bitcoin dropped below $72,000 and Ether slipped under $2,000, both for the first time since August, as a pile-up of macro, institutional, and equity market shocks hit crypto at once. The move triggered roughly $650 million to $725 million in liquidations within 24 hours, according to CoinGlass, with long positions taking the overwhelming share of the damage.
The selloff extends the breakdown that began when Bitcoin lost $74,000 after the hot CPI report. This time, several catalysts arrived in the same window, leaving thin order books little room to absorb forced selling.
Why Is Bitcoin Down Today? Four Catalysts
| Catalyst | What Happened | Why It Hit Crypto |
|---|---|---|
| Hot October CPI | Headline CPI rose 0.4% month over month vs. 0.3% expected | Pushed Treasury yields higher and revived rate hike fears |
| December Fed pricing | Futures moved to fully price a 25 bps hike at the Dec. 8–9 FOMC | Higher real yields weigh on non-yielding assets like BTC |
| Spot ETF outflows | U.S. spot Bitcoin ETFs logged a fourth straight outflow session, with the streak topping $1.1 billion | Removes steady institutional spot demand |
| Nvidia CEO exit | Jensen Huang resigned as CEO; CFO Colette Kress named interim CEO | Tech and AI stocks fell, dragging correlated risk assets |
Any one of these would be a headwind. Together they flipped positioning sharply risk-off. The backdrop was already weak: aggregate stablecoin supply has been shrinking, as covered in our $14.2 billion stablecoin drain analysis, meaning fewer dollars on exchanges to buy the dip.
How Big Were the Liquidations?
CoinGlass data showed total liquidations of roughly $650 million to $725 million over 24 hours. Longs accounted for about 85% to 89% of the losses, a sign that traders had leaned bullish going into the data. Bitcoin liquidations topped $200 million, and Ethereum liquidations were even heavier in some windows, exceeding $250 million. Hyperliquid and Binance processed much of the forced closures.
Nearly $200 million in longs were wiped out within minutes of the CPI release alone, before the Nvidia news and ETF data added further pressure later in the session.
Why Ether Fell Harder Below $2,000
Ether's break below $2,000 carries psychological weight, and its derivatives market was more crowded on the long side relative to spot liquidity. With spot Ether ETFs also seeing outflows, there was little natural demand to cushion the drop. For context on where ETH capital currently sits across DeFi, see our Ethereum vs Base vs Solana TVL comparison.
Bitcoin Price Levels to Watch
- $70,000–$71,000: The near-term support zone analysts are watching. A clean break would put the August lows back in focus.
- $74,000: The level where Bitcoin broke down after the CPI release. Reclaiming it would be the first sign sellers are losing control.
- ETF flows: A return to net inflows across U.S. spot Bitcoin ETFs would signal that institutional buyers are stepping back in.
- Dec. 8–9 FOMC: With a hike priced in, any softer data before the meeting could trigger a relief rally as positioning unwinds.
Corporate demand faces its own test: MSCI is removing Strategy and Metaplanet from its indexes after November 30, which could slow treasury company buying. Track live prices on our markets dashboard.
Frequently Asked Questions (FAQ)
Why is Bitcoin down today?
Bitcoin fell below $72,000, its lowest level since August, after a hotter-than-expected October CPI report pushed markets to price a December Fed rate hike, U.S. spot Bitcoin ETFs extended a multi-day outflow streak, and broader risk assets sold off following the resignation of Nvidia CEO Jensen Huang.
How much crypto was liquidated in the selloff?
CoinGlass data showed roughly $650 million to $725 million in crypto liquidations over 24 hours, with long positions accounting for about 85% to 89% of the total.
Why did Ethereum fall below $2,000?
Ether dropped under $2,000 alongside Bitcoin as leveraged longs were liquidated and ETF outflows hit both assets. In some windows Ethereum liquidations exceeded Bitcoin liquidations.
What Bitcoin price levels are traders watching?
Analysts are watching the $70,000 to $71,000 zone as near-term support. A sustained recovery above the $74,000 area, where Bitcoin broke down after the CPI release, would be the first sign that sellers are losing control.