Bitcoin fell 4.2% in 24 hours to $100,800 on Nov. 12, with the broader cryptocurrency market losing about $65 billion, before recovering to $103,000 in the early morning hours.
The crash led to more than $610 million in leveraged position liquidations, according to Coinglass data. The decline was most impactful during US trading hours, erasing overnight gains and pushing BTC to intraday support levels, sending major altcoins lower.
The dollar strengthened ahead of the release of the US Consumer Price Index on November 13th, following a fifth straight day of corrections. This dynamic typically puts pressure on non-yielding assets such as Bitcoin.
The odds of a Fed rate cut in December have faded in recent meetings, removing the tailwind that supported risk assets through October.
As of this writing, the poly market probability that the Fed will cut rates by 25 basis points is 71%, down from 90% in late October.
Macro conditions are currently weighing on crypto positioning as traders await inflation data that could clarify the Fed’s policy direction.
Loosening leverage deepens the decline
Derivatives markets widened the decline. The liquidation cascade follows a pattern established since October’s massive unwinding event, with thin liquidity creating quick moves and a large price tail when concentrated stop losses are triggered.
After weeks of volatile trading and gradual re-leveraging, the November 11 position left the market vulnerable to a flash if selling pressure materialized.
Ethereum is trading at $3,246.40 at the time of writing, up 0.25% in the past 24 hours, but relatively below Bitcoin.
Solana fell 1% to $153.21, BNB fell 0.6% to $952.12, Cardano fell 1.6% to $0.5476, and Dogecoin and XRP both fell 2% to trade at $0.1686 and $2.34, respectively.
Mixing performance reflects nonuniform flow and selective risk aversion rather than uniform yield.
Spot ETF flows split into BTC and ETH
The Spot Bitcoin ETF recorded net inflows of $524 million on November 11, according to data from Pharcyde Investors. This represents a rebound from previous sessions that provided short-term support.
However, the Ethereum fund recorded net outflows of approximately $107 million, and ETH sentiment remains fragile, contributing to its underperformance.
The divergence in BTC and ETH flows has increased pressure on altcoins, with overall market sentiment remaining cautious heading into Wednesday’s trading.
Traders are now avoiding risk on the upswing and reacting to micro-liquidity pockets rather than building directional exposure.
Until CPI data clarifies the interest rate path and Fed expectations stabilize, positioning will remain defensive and vulnerable to a quick reversal if the cluster stalls.
Although the market absorbed the selling without damaging key technical support, liquidity remains thin enough that forced unwinding continues to cause significant intraday moves.
(Tag translation) Bitcoin
