CoinDesk
Bitcoin (BTC) slid below $70,000 for the first time since August, bottoming at $67,770, as traders priced an 88% chance of a December Fed rate hike and the Dollar Index jumped above 103, its highest since April 2025. Ether (ETH) hit $1,900, the weakest since Aug. 18, and the CoinDesk 20 Index fell 2%. Leveraged traders absorbed $1.64 billion of liquidations over 24 hours, with longs making up 88.6% of the wipeout, and U.S. spot bitcoin ETFs logged a sixth straight day of net outflows.
Why it matters
This is a macro-driven repricing, not a crypto-native failure. After this week's hotter-than-estimated inflation data, the CME FedWatch tool shows an 88% chance of a 25-basis-point hike and a 12% chance of a 50bps move at the Fed's Dec. 8-9 meeting. A stronger dollar and rising bond yields are compressing demand for risk assets across the board, and Bitcoin's tight correlation with tech stocks amplified the damage when Nvidia shares tumbled 4% on CEO Jensen Huang's resignation. The Fear and Greed Index sits at 19, deep in extreme fear.
Market impact
Futures volume jumped 58.3% to $269.1 billion while open interest fell 4.6% to $120.2 billion, a pattern of traders closing positions rather than reloading. Funding is negative across BTC, ETH, XRP, SOL and TRX, meaning shorts are paying longs, and the one-week bitcoin 25-delta skew jumped to about 14% as downside protection got expensive. The most-traded ether option is the $1,800 put expiring Nov. 20.
ETF flows add pressure: $47.7 million of net withdrawals on Thursday extended the streak to roughly $1.44 billion over six days, around $1.88 billion since the start of the month per Farside Investors. Watch the $1,717 level on ether, where a roughly $64 million Aave loan from Nasdaq-listed BTCS would come under liquidation threat. October PPI is due later today, with economists expecting a 0.4% monthly rise.
Frequently asked questions
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Why did Bitcoin fall below $70,000?
Traders priced an 88% chance of a December Fed rate hike after hotter-than-estimated inflation data, pushing the Dollar Index above 103. A stronger dollar and rising bond yields made risk assets less attractive, dragging BTC to $67,770.
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How much was liquidated in the crypto selloff?
$1.64 billion over 24 hours, with longs making up 88.6% of the wipeout, including $916 million in Bitcoin and $289 million in Ether futures. The largest single liquidation was a $31.1 million long on Hyperliquid at $72,250.
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How much have U.S. spot bitcoin ETFs lost this month?
Thursday's $47.7 million net withdrawal marked a sixth straight day of outflows totaling around $1.44 billion, and U.S. spot bitcoin ETFs have lost roughly $1.88 billion since the start of the month, according to Farside Investors.
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What are derivatives markets signaling about the selloff?
Funding is negative across BTC, ETH, XRP, SOL and TRX, meaning shorts are paying longs. The one-week bitcoin 25-delta skew jumped to about 14%, and the most-traded ether option is the $1,800 put expiring Nov. 20.
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What upcoming events could move crypto prices next?
October producer prices are due later today, with economists expecting a 0.4% monthly rise. The Fed meets Dec. 8-9, where CME FedWatch shows an 88% chance of a 25-basis-point hike.
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