Bitcoin fell to $62,112 in Asian trading on Sunday, its weakest level since July 14, Investing.com reported. The decline extended a selloff that has erased about 25 percent of its value since Oct. 21. By 12:39 a.m. Eastern it had recovered to $64,843.60. Because crypto trades around the clock, those are intraday prints, not closes.
The week's damage depends on the window. Investing.com put the loss at roughly 17 percent over the past week. The Daily Coins measured a 14.6 percent decline for Nov. 9-15, to $64,652. Bitcoin also broke below its 200-day moving average, near $73,000, Investing.com reported.
Ether fell as low as $1,711, its lowest since July 8. On Sunday morning it was down 5.13 percent at $1,807.91, while XRP was down 3.34 percent at $0.9624 and Solana down 6.45 percent at $71.10, according to Investing.com.
The fund-flow story
The first explanation on offer is that investors are pulling money from the exchange-traded funds that hold bitcoin. The numbers support part of it. U.S. spot bitcoin ETFs had about $1.91 billion of net withdrawals over seven straight sessions from Nov. 5 to Nov. 13, according to Farside Investors data cited by crypto.news. Friday alone saw $185.4 million leave, including $143.5 million from BlackRock's IBIT and $41.9 million from Fidelity's FBTC. Thursday's outflow was $284.1 million and Wednesday's $299.8 million.
The objection is timing. The funds trade on U.S. exchanges, which closed Friday, and much of the slide came after that. Kabutowire showed bitcoin at $63,924 during the weekend, down 7.57 percent from $69,163 on Friday evening. Outflows describe the mood going into Saturday. They do not account for a Sunday print by themselves.
The leverage story
The second explanation is forced selling. About $2 billion of crypto positions were liquidated over 24 hours through Sunday morning in Singapore, including $774 million in bitcoin and $488 million in ether, according to Coinglass data cited by Investing.com. A separate CoinGlass tally cited by crypto.news put the figure at about $1.96 billion, with roughly $750 million in bitcoin. Of that bitcoin total, about $600.5 million were long positions, bets on a rise, and $152 million were shorts.
The objection here is sequence. A liquidation is what happens after a price falls through a trader's margin. It amplifies a decline; it does not start one.
Other prints
Stablecoin supply contracted by $17 billion over the past month, Investing.com reported. Strategy holds 850,364 bitcoin, valued at about $54.8 billion at Saturday's prices against an acquisition cost of $64.16 billion, according to the same report. Glassnode data show a concentration of potential liquidations between $59,500 and $62,600, Investing.com reported.
Bitcoin mining difficulty fell 9.13 percent at block 975,744 early Saturday, to about 134.82 trillion from 148.36 trillion, the largest cut since June, according to Token Times. The Crypto Fear & Greed index stood at 10, in its "Extreme Fear" band, The Daily Coins reported, with total crypto market value at $2.2 trillion and only 3 of the top 100 coins higher on the week.
Fund outflows, leverage and thinner stablecoin balances were all present, and none of them alone accounts for the move. The one fixed point is the low: $62,112, Sunday, in Asian trading.