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Bitcoin and Ethereum sold off sharply over the last 24 hours, pushing the market into extreme fear. Bloomberg reported that Bitcoin fell to a three-month low of $62,022 over the weekend. Ether dropped to $1,711, its weakest level since early July.
The selloff reflects rate fears more than a single crypto event. 24/7 Wall St reported the Federal Reserve's first rate hike since 2023 and an 89% chance of another in December, which pushed the 10-year Treasury yield to 5.15%. Traders also cited US spot Bitcoin ETF outflows and fallout from the Binance hack.
Leveraged longs were forced out. Coinglass data shows $644.61M of Bitcoin liquidations and $364.05M of Ether liquidations in 24 hours, with longs making up 80.6% and 88.6% of each. Bitcoin open interest fell 9.30% over two days to $43.91B. Bloomberg noted that most of the selling happened during light weekend trading.
Analysts see more downside risk. Glassnode identified a liquidation zone between $59,500 and $62,600, which includes Bitcoin's weekend low.
Major Price Moves
Market Overview
Bitcoin, ranked first, traded at $64,483.21, down 4.46% on $60.61B in volume. Ethereum, ranked second, traded at $1,794.85, down 5.96% on $36.68B. Tether and USDC held near $1.00.
The rest of the top 20 by market cap fell with the majors. Solana lost 6.89% to $70.45 on $6.20B in volume, BNB fell 4.68%, and XRP dropped 4.09%. Dogecoin lost 8.23%. TRON posted the smallest loss among the non-stablecoins at 1.40%.
Gains were concentrated in small and mid caps. CLAUDIA rose 10,755.47% on $6.38M in volume, and DOPE rose 5,756.49% on $7.39M. EVAA gained 57.99% on $41.69M, and Sophon added 20.17% on $86.59M.
On the downside, Aster fell 17.19% on $230.63M in volume. Pudgy Penguins dropped 16.85%, and Pump.fun lost 14.13%. Aptos, Injective and Filecoin each fell more than 11%.
What Drove the Biggest Moves
No verified catalyst has been confirmed for CLAUDIA's move. An Elon Musk repost of a CLAUDIA contest entry on 7 November preceded an earlier rally, according to a post on X. Other price pages for the main contract show far smaller 24-hour moves.
DOPE has no verified trigger. Its price figures differ widely across sites because several tokens share the name. EVAA has no announced listing, partnership or buyback. BitcoinWisdom recorded $1.09M in EVAA liquidations over 24 hours, with shorts making up 59.2%.
Aster has no Aster-specific announcement. BigGo reported $7.76M in ASTER futures liquidations, 99.7% from longs. It also reported that an unidentified wallet sold about 1.06M ASTER for $677,000 before the steepest drop, but a link to the decline is unconfirmed. PENGU has no token-specific catalyst. Its scheduled monthly unlock falls on 17 November, after the drop window.
Other Key Events
Kava Lend Exploit Drains About $3.8M
An attacker drained about 55.2 million KAVA from Kava Lend late Friday, worth about $3.76 million at pre-attack prices. The attacker inflated a dormant BUSD market roughly 243,000-fold and borrowed KAVA 127 times. KAVA fell 39% to 47% in 24 hours, and Upbit, Bithumb and Coinone suspended KAVA transfers.
Kava says the exploit is "contained within Kava Lend" and is "not an infinite mint." It has not published a loss figure or root cause.
Binance Completes Loss Coverage
Binance has completed coverage of $6.34 billion in losses from its security breach. The coverage was funded by SAFU, futures insurance and corporate treasury. The US Department of Justice sought court authority to seize more than $1.2 billion in stolen Binance crypto.
Binance reopened withdrawals on 87 networks. It aims to reopen all remaining networks and assets by the end of next week.
US Spot Bitcoin ETFs Extend Outflows
US spot Bitcoin ETFs logged $185.4M in net outflows on 13 November, their seventh straight session. Crypto ETFs tracking Bitcoin, Ethereum, Solana, Hyperliquid and Zcash lost a combined $1.53B in the week of 9 to 13 November. Bitcoin funds accounted for $1.065B of that.
In Brief
- Coinbase will delist Stargate Finance (STG) and Vulcan Forged (PYR) on 20 November at 19:00 UTC. The STG-to-ZRO swap stays open until 15 December.
- NYSE chose Avalanche for its tokenized securities platform.
- Coinbase received full federal trust bank approval for its institutional custody business.
- MegaETH cut 20% of its workforce as it pursues an AI business.
- Coinone disclosed a vendor breach that exposed 11 customer data fields.
What to Watch
- $64,000: Bitcoin's key support. A break below it keeps pressure on the market, with Glassnode's $59,500 to $62,600 zone as the next area of focus.
- $1,750: Ether needs to hold this level over the next 24 hours, after closing near $1,795.
- End of this week: Binance's target for reopening withdrawals on all remaining networks.
- 17 November: Scheduled monthly unlock of about 703.5M PENGU, worth about $4.3M.
- 20 November at 19:00 UTC: Coinbase delists STG and PYR.