Bitcoin Falls to $71,300, Lowest Since August 2026

Bitcoin slid to about $71,300, its lowest since August, as $650 million in liquidations, five days of spot-ETF outflows and a Nvidia sell-off erased $550 billion from crypto.

Lead

Bitcoin fell to about $71,300 on Thursday, Nov. 12, its lowest level since August. The drop came as leveraged long positions were forced to close, spot Bitcoin exchange-traded funds posted a fifth straight day of net outflows, and Nvidia's chief executive resigned. Total crypto market value is now roughly $550 billion below its October peak. Ether fell to about $1,983 in the same session, also a three-month low.

What Happened to Bitcoin on November 12?

Bitcoin lost nearly 4% in 24 hours and broke below $72,000 before touching its session low near $71,300. Crypto liquidations topped $650 million across the market, with some trackers counting more than $700 million. Bitcoin futures accounted for about $304 million of the total, and long positions made up roughly 87% of those closed out.

Liquidations occur when exchanges automatically close leveraged trades whose collateral no longer covers losses. Each forced sale pushes prices lower and can trigger further closures, which turned a gradual slide into a sharp one on financial markets today.

Why Did Crypto Markets Sell Off So Sharply?

Three pressures arrived together: ETF redemptions, a hit to technology sentiment and an index decision aimed at the largest corporate Bitcoin holder.

What Does the MSCI Decision Mean for Strategy?

MSCI will remove Strategy (MSTR), the largest corporate Bitcoin holder, from its global equity indexes after the close on Nov. 30. The index provider adopted a test in October that classifies companies without substantial operating assets as non-operating, making them ineligible. MSCI concluded that Strategy resembles a fund holding Bitcoin more than an operating business.

Funds that track MSCI benchmarks must sell the shares, and Strategy has put the potential passive selling at about $2.8 billion. The decision affects the stock, not the coins on its balance sheet. The risk for Bitcoin is indirect: weaker MSTR shares can limit the company's ability to raise capital for further purchases. Other Bitcoin and ether treasury companies are also exposed. Upexi (UPXI) is leaving the MSCI USA Micro Cap Index, and SharpLink (SBET) has landed on a watchlist.

Market Context

The scale of the retreat is notable. Bitcoin reached record territory in October, and the roughly $550 billion erased since then spans the whole crypto complex, not just Bitcoin. A week earlier, crypto funds had already recorded more than half a billion dollars of outflows in the days after the U.S. midterm elections.

Year-to-date flows into Bitcoin ETFs have turned negative. The funds were the main channel through which institutions built positions in 2024 and 2025, so reversing flows weigh on price more than they would in a market dominated by retail traders.

What Comes Next for Bitcoin?

Near-term direction depends on whether ETF redemptions slow. A sixth straight day of outflows would extend the longest withdrawal streak in recent weeks. The Nov. 30 MSCI effective date will bring index-related selling into Strategy's shares and may keep pressure on sentiment through month-end.

Nvidia's succession is a second variable. Equity volatility has been feeding directly into crypto, so a stabilizing technology tape would ease selling pressure on Bitcoin. A further rise in bond yields would work the other way.

Outlook

Bitcoin at about $71,300 sits at a three-month low after a convergence of forced liquidations, ETF withdrawals, an MSCI index removal and a leadership shock at Nvidia. With $550 billion gone since October, the market's next test is whether fund flows stabilize before the Nov. 30 index change.