Bitcoin fell below $72,000 on Thursday, November 12, after rising above $76,000 earlier in the week, triggering $656 million in liquidations over 24 hours. Long positions accounted for $555 million of the liquidations, compared with just over $100 million for short positions, and more than 122,000 traders were liquidated. At the day’s worst moment, $226.5 million was liquidated within minutes, while the largest liquidation involved a $31 million long position on Hyperliquid. The decline was driven by $1.44 billion in outflows from US bitcoin ETFs, stronger-than-expected US inflation and weakness in technology stocks. The contraction of the stablecoin supply, with $14 billion disappearing, further weakened an already fragile market.
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