The cryptocurrency market experienced a broad-based selloff, with more than 230,000 traders facing liquidations.
On November 14, Bitcoin plunged below $97,000 per coin, marking a 4% decline within 24 hours. Ethereum also dropped sharply, nearing $3,100 with a nearly 10% daily loss. Other major cryptocurrencies, including Solana, Dogecoin, XRP, and Cardano, similarly posted significant declines.
According to CoinGlass, over $1.024 billion in positions were liquidated in the past 24 hours, with long positions accounting for $888 million and shorts totaling $136 million. The largest single liquidation occurred on HTX-BTC-USDT.
XWIN Research on-chain data indicates that U.S. retail investors were the primary drivers of the downturn. The Coinbase Premium Index has remained deeply negative for weeks, with Bitcoin trading at lower prices on Coinbase compared to other global exchanges. This suggests stronger selling pressure in the U.S. market than buying interest in Asia or Europe—a recurring pattern where Bitcoin recovers during Asian trading hours but reverses sharply during U.S. sessions.
Analysts at Cointelegraph argue that this selloff does not signal large Bitcoin holders cashing out. Crypto analyst PlanB attributes the sustained selling pressure to holders who entered the market between 2017 and 2022. Market data shows traders are not particularly bearish on Bitcoin itself, nor is there a specific panic-inducing event. Instead, the drop reflects broader economic uncertainty.
Wintermute’s latest report highlights Bitcoin’s high correlation (0.8) with the Nasdaq, though Bitcoin’s price action remains more bearish, reacting more strongly to negative sentiment. This year, Bitcoin has fallen more sharply than equities on down days while underperforming during market rallies—a pattern last seen during the 2022 bear market.
The selloff coincides with fading expectations for Fed rate cuts and heightened economic uncertainty. Risk assets globally, including cryptocurrencies and U.S. stocks, are facing renewed pressure.
Macroeconomic concerns persist despite the end of the U.S. government’s two-month shutdown. Key economic reports, including October unemployment data, may be delayed, potentially reinforcing the Fed’s case for holding rates steady.
Meanwhile, several Fed officials have struck a hawkish tone, expressing inflation concerns and caution against premature rate cuts. Cleveland Fed President Hammack emphasized maintaining restrictive policies to curb inflation, while Minneapolis Fed President Kashkari opposed last month’s rate cut, citing economic resilience.
Industry experts note that macroeconomic signals act as a catalyst for crypto markets. While institutional inflows, spot ETF demand, and corporate crypto adoption supported prices earlier this year, these external drivers retreat faster than retail liquidity when sentiment turns defensive.