Nearly $600 Million in Crypto Longs Liquidated as Bitcoin and Ethereum Fall to August Lows Kamina Bashir Thu, November 12, 2026 at 8:54 PM EST 3 min read BTC-USD -4.42% ETH-USD -2.80% HYPE32196-USD +0.57% NVDA -3.82% Trade BTC on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Crypto traders betting on higher prices lost $599 million over the past 24 hours. The wipeout came as Bitcoin (BTC) and Ethereum (ETH) slid to their lowest levels in nearly three months.
Longs made up 88% of $680.81 million in total crypto liquidations, Coinglass data shows. Friday's US producer price data could now decide whether bets on a half-point Fed rate hike grow.
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Bitcoin positions accounted for $325.28 million of the total, with longs making up 95.3%. Ethereum followed at $106.07 million, where 89.7% came from long bets.
In all, 112,947 traders were liquidated. The largest single order was a $31.09 million Bitcoin long on Hyperliquid, closed at $72,250.
Leverage on stock-linked contracts unwound too. Nvidia-tracking perpetuals saw about $39.67 million in liquidations following Jensen Huang's exit from Nvidia.
Those forced sales hit as both majors slid to their lowest levels since August.
The Bitcoin price traded at $70,834, per BeInCrypto Markets data. This marked the cryptocurrency's lowest level since August 20. It fell 3.79% over 24 hours and 6.53% over the past week.
Ethereum dropped 2.10% over 24 hours to $2,007.04. Its loss over the past week reached 10.11%, taking it to its lowest level since mid-August. The total crypto market cap was down 5.09% over 24 hours to $2.42 trillion.
Bitcoin lost its 200-day moving average of $73,137 on Thursday, BeInCrypto's analysis of the breakdown showed. If it fails to reclaim that average, the next supports sit at $68,000 and $67,000.
For now, Bitcoin holds just above $70,000. Inflation data due later on Friday could decide which of those levels comes into play.
October's Consumer Price Index rose 0.4% on the month, above the 0.23% forecast. Traders now fully price in a December Federal Reserve (Fed) rate hike.
CME FedWatch put the odds of a quarter-point hike at 85.5% on Friday. The chance of a half-point move stood at 14.5%, up from 0% a week ago.
The Bureau of Labor Statistics releases October's Producer Price Index (PPI) on Friday at 8:30 a.m. ET. Economists expect a 0.4% monthly rise, down from 1.3% in September, per a Dow Jones survey.
A hotter reading would strengthen the case for a half-point hike. In October, Bitcoin slipped below $80,000 the day after a PPI report beat forecasts.
A softer print could ease those bets before the Fed meets on December 8 and 9.
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Read the Original story Nearly $600 Million in Crypto Longs Liquidated as Bitcoin and Ethereum Fall to August Lows by Kamina Bashir at beincrypto.com
