Bitcoin Tumbles as $60 Billion Flees Crypto, ETH and XRP Plummet

Bitcoin Tumbles to Three-Month Low as Leveraged Bets Liquidated

Bitcoin plunged to $68,617 on Tuesday, marking its lowest point in three months. The sharp sell-off triggered the forced liquidation of hundreds of millions of dollars in leveraged positions within a single hour, while XRP also fell to the $1 mark.

Bitcoin has shed 6.6% over the past 24 hours and is down 9.5% for the week. Ethereum fared similarly, dropping 6.0% to $1,926.48 and losing 13.7% over the last seven days. Reports indicate that approximately $60 billion was erased from the total cryptocurrency market value in just four hours.

The downturn began when Bitcoin broke below the $72,000 threshold. It subsequently fell through $70,000 and $69,000, with each breach accelerating further forced selling.

Liquidation Surge

While specific liquidation figures vary by source, all reports indicate a significant spike. The majority of these losses impacted traders who had bet on rising prices. When the market moved against their positions, these were automatically closed, with the resulting sell orders exacerbating the decline.

XRP’s Steep Weekly Loss

XRP is currently trading at $1.00, a 4.5% decrease in the last 24 hours and a substantial 17.5% drop over the past week. This represents the steepest weekly loss among the top 10 cryptocurrencies. XRP’s market capitalization has shrunk to approximately $63.8 billion. The token had been trading between $1.05 and $1.06 earlier in the week, and its current position at the $1 level is being closely watched by traders as a significant psychological support.

Altcoins Underperform Bitcoin

Larger altcoins have experienced more significant declines than Bitcoin over the course of the week.

Spot ETF Outflows Add Pressure

Selling pressure from spot Bitcoin Exchange Traded Funds (ETFs) in the United States has contributed to the market’s decline. From November 5 to November 11, these funds recorded five consecutive days of net outflows, totaling about $1.44 billion across five trading sessions. BlackRock’s IBIT alone saw an outflow of $269.7 million on November 11, marking its ninth consecutive day of outflows and bringing its total for this period to approximately $2 billion.

Broader Market Pullback

The cryptocurrency sell-off is occurring within a broader market pullback from riskier assets. Bitcoin’s market value has fallen to around $1.38 trillion and is now approximately 46% below its all-time high of roughly $126,198, which was set in October 2025.

On the charts, Bitcoin continues to post lower highs. For buyers to regain confidence, the market must first reclaim the $70,000 level, followed by $72,000, the point at which the significant breakdown began. Until these levels are re-established, attempting to buy into the current downward trend carries considerable risk as prices are still in decline.