New York Stock Exchange trading floor during a cross-market selloff

Bitcoin, Ether Hit Three-Month Lows as $727 Million Liquidation Wave Slams Crypto

By Isaac • November 12, 2026 3:28 pm • Comments

Bitcoin and Ether fell to three-month lows Thursday as selling across technology stocks spilled into crypto and triggered a wave of forced liquidations.

The immediate numbers were ugly. Bitcoin traded below $71,500 while Ether slipped under $2,000, extending a risk-off move that also hit major technology shares.

The decline mattered beyond the spot price because leveraged traders were caught leaning heavily in the other direction.

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CryptoSlate reported that roughly $727 million in crypto positions were liquidated over 24 hours, with long positions accounting for about 90% of the Bitcoin and Ether closures by value. In plain English, traders betting on higher prices were forced out as collateral stopped covering their positions.

The report placed Bitcoin and Ether at their weakest levels in three months while pressure spread well beyond crypto. Nvidia’s sharp decline added a major equity shock, and already-thin demand left leveraged positions with little room to absorb another wave of selling.

That sequence matters: prices fell first, exchange risk engines closed under-collateralized longs, and those forced market sales added more downward pressure. It turned a broad risk-off move into a crypto-specific liquidation cascade.

The distinction between a normal pullback and a liquidation cascade is important. A seller who chooses to reduce exposure can wait for liquidity.

A leveraged position does not have that luxury. Once an exchange closes it, the resulting market order can push prices lower and trip the next cluster of positions.

The live CoinGlass liquidation dashboard showed the pressure concentrated in major assets. Its Nov. 12 snapshot placed Bitcoin near $71,400 and Ether near $2,015, with Bitcoin long liquidations far outweighing shorts.

Solana, XRP, BNB and Dogecoin were also lower, showing that the damage was not confined to one token or one exchange.

This selloff also had a clear cross-market component. Nvidia shares dropped sharply after Jensen Huang resigned, adding another shock to a market already struggling with weaker crypto liquidity and persistent ETF outflows.

When a large technology bellwether breaks lower, investors often cut exposure in other volatile assets at the same time. Crypto trades around the clock, so that repricing can happen faster and with more leverage than it does in traditional equities.

There is no guarantee that a large liquidation print marks the bottom. Forced selling can exhaust one pocket of leverage, but it does not automatically restore demand.

The next test is whether spot buyers step in after the flush or whether futures traders rebuild aggressive long exposure before the market has stabilized.

Bitcoin holding the low-$70,000 range would give bulls room to argue that leverage, rather than a collapse in the underlying network story, drove the worst of the move. A decisive break lower would strengthen the opposite case: that crypto is still searching for a durable source of demand while capital rotates away from high-volatility assets.

A major equity shock, thin crypto demand and crowded leverage collided at once. Until that leverage resets and spot buyers prove they are willing to absorb supply, volatility is likely to remain the market’s dominant feature.

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