The post Bitcoin just wiped out $120 billion crashing to a 6-month low appeared on BitcoinEthereumNews.com. Bitcoin (BTC) crashed on Friday, November 14, briefly falling below $96,000 in the early hours, its lowest level since May. The heavy losses were largely the result of institutional outflows, as roughly $870 million was pulled from Bitcoin ETFs on November 13.  As a result, the cryptocurrency’s market capitalization fell below the $2 trillion threshold, sitting at $1.94 trillion at the time of writing.  In the aftermath, a wave of liquidations swept more than $500 million in leveraged BTC positions, with long traders accounting for over 90% of the losses. Across the broader market, over $1.1 billion in leveraged positions were liquidated. At press time, “digital gold” was trading at $96,740, still down more than 6% on the 24-hour chart. With BTC’S market cap falling from $2.05 trillion to $1.93 trillion in a day erasing $120 billion from its total value. Bitcoin 24-hour price. Source: Finbold Bitcoin ETF outflows reaching record highs As mentioned, U.S. spot Bitcoin ETFs recorded around $870 million in net outflows on November 13 in the second-largest daily withdrawal on record this year, surpassed only by the $1.14 billion withdrawn on February 25. Grayscale’s Mini BTC saw the biggest losses with $318 million in redemptions, followed by BlackRock’s $257 million and Fidelity’s $120 million. Over the past three weeks, ETFs have shed a combined $2.64 billion. Moreover, long-term holders have sold nearly 390,000 BTC since October, while exchange inflows have also spiked, with 12,000 BTC moving to trading platforms in the past day, the biggest move since March. The total crypto market cap fell by a similar margin to $3.73 trillion over the same 24-hour period. Market strategists say the outflows reflect broader macro unease.  What’s next for Bitcoin? Bitcoin is now below several key technical thresholds, including the 23.6% Fibonacci retracement at $111,958 and the… The post Bitcoin just wiped out $120 billion crashing to a 6-month low appeared on BitcoinEthereumNews.com. Bitcoin (BTC) crashed on Friday, November 14, briefly falling below $96,000 in the early hours, its lowest level since May. The heavy losses were largely the result of institutional outflows, as roughly $870 million was pulled from Bitcoin ETFs on November 13.  As a result, the cryptocurrency’s market capitalization fell below the $2 trillion threshold, sitting at $1.94 trillion at the time of writing.  In the aftermath, a wave of liquidations swept more than $500 million in leveraged BTC positions, with long traders accounting for over 90% of the losses. Across the broader market, over $1.1 billion in leveraged positions were liquidated. At press time, “digital gold” was trading at $96,740, still down more than 6% on the 24-hour chart. With BTC’S market cap falling from $2.05 trillion to $1.93 trillion in a day erasing $120 billion from its total value. Bitcoin 24-hour price. Source: Finbold Bitcoin ETF outflows reaching record highs As mentioned, U.S. spot Bitcoin ETFs recorded around $870 million in net outflows on November 13 in the second-largest daily withdrawal on record this year, surpassed only by the $1.14 billion withdrawn on February 25. Grayscale’s Mini BTC saw the biggest losses with $318 million in redemptions, followed by BlackRock’s $257 million and Fidelity’s $120 million. Over the past three weeks, ETFs have shed a combined $2.64 billion. Moreover, long-term holders have sold nearly 390,000 BTC since October, while exchange inflows have also spiked, with 12,000 BTC moving to trading platforms in the past day, the biggest move since March. The total crypto market cap fell by a similar margin to $3.73 trillion over the same 24-hour period. Market strategists say the outflows reflect broader macro unease.  What’s next for Bitcoin? Bitcoin is now below several key technical thresholds, including the 23.6% Fibonacci retracement at $111,958 and the…