Why are Bitcoin, Ethereum and XRP crashing as crypto liquidity dries up?
The crypto market has suffered another major selloff on Friday, November 13, with Bitcoin falling below $69,000, Ethereum losing $2,000 and several major altcoins posting losses of more than 6%.
According to market data, $BTC traded near $68,388, down 7% over 24 hours, while $ETH fell 6.2% to $1,922. Solana dropped 5.9% to $78.30, BNB lost 6.8% to $631, and $XRP declined 4% to approximately $1.
The selling follows a $14.2 billion contraction in stablecoin supply, continued withdrawals from cryptocurrency investment funds and renewed uncertainty surrounding Nvidia’s leadership. Middle East tensions and forced liquidations have added further pressure.
Why is the crypto market crashing today?
The latest crypto market crash comes as investors face several developments affecting demand for riskier assets.
Nvidia CEO Jensen Huang’s resignation on November 12 unsettled technology stocks, particularly companies connected to artificial intelligence infrastructure.
Nvidia shares declined after the announcement, while CoreWeave and other AI-related companies faced selling pressure. Bitcoin and major altcoins weakened during the same period.
As previously reported, Bitcoin had already fallen below $73,000 as Nvidia’s leadership crisis developed.
Meanwhile, stronger US inflation figures have raised expectations that the Federal Reserve could increase interest rates again in December.
The dollar strengthened alongside Treasury yields, adding to the pressure on investments sensitive to borrowing costs.
Geopolitical uncertainty continued Friday after Iran’s Revolutionary Guard Corps claimed it had attacked a US early-warning radar installation in Bahrain.
The reported strike followed an alleged attack on a telecommunications tower in southern Iran. US and Bahraini authorities had not immediately confirmed the Iranian claims.
Glassnode warns of $14.2B decline in crypto liquidity
Separate from Friday’s market developments, blockchain analytics firm Glassnode identified a sustained decline in capital available for cryptocurrency trading.
In its November 11 research report, Glassnode found that stablecoin supply had fallen $14.2 billion over 30 days through November 9.
The contraction was the largest since June 2022, when cryptocurrency markets experienced substantial withdrawals following the collapse of Terra.
Stablecoins such as USDT and USDC allow traders to hold dollar-linked assets before buying Bitcoin, Ethereum and other cryptocurrencies.
When investors redeem stablecoins for dollars, the supply in circulation falls, reducing the amount of dollar-linked funds available within the cryptocurrency market.
Glassnode warned that the decline leaves “less fuel for a rally.”
The research firm identified continued withdrawals from US spot Bitcoin ETFs and weak buying activity on Coinbase as further signs of declining demand.
Its report found that Bitcoin traded below the average purchase price of recent investors, which stood near $75,600.
However, Glassnode identified some buying among wallets holding between 100 and 10,000 BTC, even as smaller and larger investor groups continued reducing their holdings.
Bitcoin and Ethereum ETF withdrawals deepen selling pressure
Institutional cryptocurrency investment products have recorded sustained withdrawals during the market decline.
Glassnode reported that US spot Bitcoin ETFs lost approximately $1.6 billion across 20 trading sessions.
More recent Farside Investors data showed $299.8 million in Bitcoin ETF withdrawals on November 11, including $269.7 million from BlackRock’s IBIT.
Ethereum funds recorded similar selling. US spot Ether ETFs lost $144.8 million during the same session, with BlackRock’s ETHA accounting for $129.8 million.
The withdrawals show investors reducing exposure through regulated funds while Bitcoin and Ethereum continue trading below important price levels.
Selling pressure has reached the derivatives market. CoinGlass data showed $1.23 billion in crypto liquidations over a rolling 24-hour period.
Bitcoin accounted for roughly $677.5 million, while Ethereum recorded another $249.8 million. Most liquidated positions belonged to traders betting on rising prices.
Which cryptocurrencies have suffered the biggest losses?
The latest data show losses across large cryptocurrencies, with privacy-focused tokens among the worst affected.
Monero fell 11.1% to $510.71, while Zcash dropped 9.1% to $892.51. Dogecoin lost 6% to $0.06323, and Chainlink declined 4.2% to $9.67.
Other major assets, including Avalanche, Uniswap, Aave, Hedera and NEAR, recorded declines of approximately 6% or more in subsequent market readings.
Despite the selling, Glassnode’s November 11 research identified substantial Bitcoin buy orders between $68,000 and $72,500 on major exchanges.
The firm reported that buy orders had outnumbered sell orders within 5% of Bitcoin’s trading price since November 5, although exchange orders can be withdrawn before execution.
Glassnode identified $62,000 to $66,000 as an area where substantial Bitcoin holdings were previously acquired, while its longer-term analysis placed the June low near $58,500.

Important heads-up: Right now it's not a full bull market - it's a correction / dip.
As of Nov 12-13, most top coins are down 7-26% in the last 7 days, and Bitcoin fell below $73,000 for the first time since August. That dip is exactly what many bull-market traders watch for - but it also means high risk.
Here are the Top 10 Global Coins by market cap (excluding stablecoins like USDT), as of Nov 12, 2026:
| # | Coin | Price (Nov 12) | 7-Day Change | Why it's watched in a bull run |
| --- | --- | --- | --- | --- |
| 1 | Bitcoin (BTC) | $72,958.17 | -8.91% | Digital gold, 60.52% market dominance |
| 2 | Ethereum (ETH) | $2,024.48 | -16.06% | Smart contracts + DApps, largest developer ecosystem 391752056414062783 |
| 3 | BNB (BNB) | $663.67 | -7.00% | Binance ecosystem + quarterly burns |
| 4 | XRP (XRP) | $1.04 | -21.02% | Fast, low-cost cross-border payments 391752056414062783 |
| 5 | Solana (SOL) | $82.55 | -14.13% | Very fast, cheap transactions, strong DeFi/NFT activity |
| 6 | TRON (TRX) | $0.32 | -0.66% | Low-cost transactions, most resilient this week 391752056414062783 |
| 7 | Hyperliquid (HYPE) | $70.74 | -13.82% | On-chain derivatives DEX, popular with pro traders |
| 8 | Zcash (ZEC) | $970.66 | -26.15% | Privacy coin, 21M max supply like Bitcoin 391752056414062783 |
| 9 | Monero (XMR) | $556.13 | -12.76% | Strongest privacy coin, but facing delistings |
| 10 | UNUS SED LEO (LEO) | $9.22 | -1.41% | Bitfinex utility token, deflationary model 391752056414062783 |
391752056414062783
Latest update - Nov 13 morning
Prices slipped further overnig4, down -6.13% f722{{/IE6, down -4.71% 5c95{{/IE down -5.01% 195d
If you're thinking bull market strategy:
Safest core: BTC + ETH - they toge{IE_11}}391752056414062783
High beta / high risk: SOL, HYPE, ZEC - they move much faster up and down
Don't chase green candles: In a dip like this, most traders wait for BTC to hold above $73,000-$74,000 before adding
Want me to make you a list for long-term hold vs short-term trading in this bull cycle, or track these 10 daily for you?
please like share and follow
Short Signal: XMR/USDT 📉
Entry: 540.89
TP1: 500.12360332 (+7.54%)
TP2: 484.22722683 (+10.48%)
SL: 563.70910927 (-4.22%)
Score: 63/100 | R:R: 1:1.8
Daily below EMA50, 4H aligned ✓, 1H momentum ✓, ADX 37. Below EMAs (trend cont.), RSI 34 in sell zone ✓, Bearish reversal candle ✓. At 4H resistance 546.1 (1.0%), Broke support 540.2 ✓, Lower highs pattern ✓. Volume 1.4× avg, Real participation ✓. MACD hist negative. Funding 0.0290% mildly crowded ✓. R:R 1.8 >= 1.8, Optimal SL buffer (4.2%) ✓.
Always DYOR and manage risk.