Bitcoin 
$78,439 ended the week with significant losses, dropping below $85,000 for the first time since April. This decline triggered a series of liquidations in leveraged positions, closing nearly $2 billion worth of positions in the market. November is set to be recorded as the worst month for the cryptocurrency market since the crypto winter of 2022.
Leverage Crash Pushes Market into Search for Support
Bitcoin plummeted to $81,600 in a short time, leading to severe weekly losses across almost all major cryptocurrencies. Ethereum 
$2,485 fell below $2,750, losing 14% in value over the past week, while Solana 
$103 dropped over 10% in the last 24 hours. Other major altcoins like XRP, BNB, and Cardano 
$0.219685 recorded losses between 8% and 15%.
According to CoinGlass data, 396,000 investors were liquidated in the last 24 hours, with the total liquidation amount reaching $1.96 billion. Bitcoin trades alone saw $964 million in liquidations, and the largest single liquidation was a $36.7 million BTC position on the Hyperliquid exchange.
The heavy selling wave sharply reduced investors’ risk appetite, causing a significant contraction in market liquidity. The value of open positions in the perpetual futures market has decreased by 35% since its peak of $94 billion in October.
Global Sell-off and ETF Exits Amplify Pressure
The crash in cryptocurrencies coincided with weakness in global equity markets. The MSCI Global Index ended the week with losses exceeding 3%, and U.S. tech stocks also faced selling pressure. Falling bond yields reinforced investors’ tendencies to flee from risk.
Specific cryptocurrency dynamics further deepened the negative trend. Spot Bitcoin ETFs traded in the U.S. saw net outflows exceeding $900 million in a single day, making it the second-highest outflow since the ETF launch in early 2024. The Crypto Fear and Greed Index, measuring retail investor confidence, dropped to 11, entering the “extreme fear” territory. Historically, these levels often indicate bottom areas, but the current technical outlook offers no signs of recovery yet.
