Bitcoin fell sharply to $62,112 on November 15, its lowest point since July, as crypto liquidations surged and market debate intensified around possible market manipulation. The drop triggered liquidation of around $2 billion in crypto positions, according to industry data. As traders voiced suspicions of coordinated action, analysts pointed to leverage and external economic factors as more likely causes.
Sharp selloff sparks manipulation allegations
Investing.com reported that Bitcoin touched $62,112 in Asian trading before rebounding to $64,843.60 within hours. CoinGlass data indicated approximately $2 billion in crypto liquidations over a 24-hour period, including $774 million in Bitcoin and $488 million in Ether. BeInCrypto cited that about 87% of these liquidations affected long positions, impacting more than 312,000 traders.
Net outflows from U.S. spot Bitcoin ETFs reached $1.91 billion across seven days through November 13, according to The Block. Bitcoin was down 13.74% over seven days at $65,341 as of midday November 15, based on CoinGecko figures.
| Metric | Value (24h) |
|---|---|
| Total crypto liquidations | $2 billion |
| Bitcoin liquidations | $774 million |
| Ether liquidations | $488 million |
| Long positions liquidated | 87% |
| Traders affected | 312,000+ |
Mini dictionary: CoinGlass is a cryptocurrency analytics platform that provides liquidation and derivatives data, tracking positions across major exchanges.
Some market participants alleged that the fall was engineered by large actors. However, BeInCrypto stated there was no public evidence confirming these manipulation claims. Other analysts pointed to the unwinding of leveraged positions and broader economic factors as drivers behind the decline.
The timeline: key events behind the drop
The week leading up to the selloff included significant market movements. On October 29, Binance, the world’s largest cryptocurrency exchange by trading volume, disclosed a security incident involving digital assets. By October 31, Binance reported that 98% of the affected token assets had been restored.
On November 13, Bitcoin fell below $70,000, as CoinDesk attributed the move to increased inflation expectations and a strengthening U.S. dollar. The next day, blockchain analytics firm Glassnode identified a major liquidation cluster in the $59,500 to $62,600 range, with liquidations topping $1.64 billion—nearly 90% involving long positions.
On November 15, Bitcoin dropped to $62,112 amid ongoing volatility, leading to fresh debate about whether the selloff resulted from manipulation or standard market mechanics.
Mini dictionary: Glassnode is a blockchain data and intelligence platform that offers on-chain metrics, analytics, and market insights for cryptocurrencies.
Underlying market pressures
Several industry analysts emphasized leverage as a core factor behind the steep price decline. According to BeInCrypto, excessive leverage tends to accelerate losses when key support levels break. Glassnode highlighted that heightened liquidation activity clustered in the $59,500 to $62,600 band explained market sensitivity near these levels, though this did not in itself suggest deliberate price targeting.
Rich Rosenblum, co-founder of crypto market maker GSR, characterized the selloff as technical in nature, linking the cascade to Bitcoin’s break below its 200-day moving average and resulting liquidations.
Large net outflows from ETFs and macroeconomic conditions, such as hotter-than-expected U.S. inflation and a rising dollar, created additional downward pressure. While these influences provided market context, they did not single out a definitive cause for Bitcoin’s sharp falls.
Debate: Manipulation or market mechanics?
High-profile traders including Ash Crypto and Whale Scan suggested the drop was organized, citing Bitcoin’s failed support levels and unusual trading activity. Ash Crypto referenced Bitcoin reclaiming its 50-week moving average and flipping the Supertrend indicator before the fall, while Whale Scan noted that typical warning signals were absent.
Ted Pillows connected futures selling on Binance to a series of liquidation clusters and referenced $6.3 billion in affected user assets, but BeInCrypto clarified that no public proof had surfaced to support these claims.
Market analysts continue to highlight leverage, fund outflows, and technical price breaks as explanations for the sharp declines, while stressing there is no public evidence confirming allegations of coordinated manipulation.
Binance’s earlier report on its October 29 security incident confirmed a $6.34 billion impact but stated all user losses would be covered through its insurance and company funds. The exchange’s updates have not provided evidence that user positions were forcibly closed to offset these losses.
What comes next?
Glassnode’s modeled liquidation cluster is not a prediction, but ongoing price and liquidation trends could signal whether further downward momentum persists. ETF outflow data remains an important indicator of institutional sentiment, though it does not clarify which investors are selling.
At 12:13 UTC on November 15, CoinGecko recorded Bitcoin trading at $65,341, down 2.7% over 24 hours and 13.74% on a weekly basis. Online debate about manipulation continues, but there is no conclusive evidence pointing to deliberate intervention in the selloff.
