Bitcoin fell to its lowest since August late on Sunday, Nov. 8, sliding to $73,477 on Coinbase in a drop that took about 20 minutes. More than $1 billion in leveraged crypto positions were wiped out over 24 hours, most of them bets on higher prices, according to CoinGlass data cited by CoinDesk. By early Monday bitcoin had recovered to around $74,900, but it still closed the week lower for a fifth straight time.
A quiet weekend, then a fast drop
For most of Sunday, bitcoin traded in a narrow band between about $75,560 and $76,100 on Coinbase, according to the exchange’s public price data. The break came late in the evening. The time matters here because of how compressed the move was: bitcoin was still near $75,630 at 21:35 UTC, slipped below $75,500 by 21:45 UTC and hit $73,477 in the five minutes to 22:00 UTC. That is a fall of about 2.8% in roughly 20 minutes.
Coinbase’s daily data show bitcoin had not traded that low since Aug. 21, when it touched about $73,000 during a rebound from mid-August lows near $62,500.
The bounce came quickly. Bitcoin climbed back above $75,600 within about two hours, then drifted. It was near $74,900 on Coinbase early Monday, still below where it spent most of Sunday.
Ether moved harder. It fell from about $2,224 to $2,089 on Coinbase in the same hour, a drop of about 6%, and its lowest level since Aug. 19. It was trading near $2,141 early Monday.
Longs took most of the damage
More than $1 billion in positions were liquidated in 24 hours, with $913 million of that coming from long positions, CoinDesk reported, citing CoinGlass. Most of it happened in the final hours of the window.
Ether accounted for $448 million of the liquidations, nearly double bitcoin’s $272 million, according to the same data. The single largest liquidation was also an ether position, worth $48 million.
The split says something about positioning. Ether fell about twice as far as bitcoin in percentage terms, and the liquidation split suggests more leverage was stacked on ether heading into the weekend. Forced selling from liquidated longs tends to add to a drop once it starts.
What set it off
Crypto was the only major market open over the weekend, and it reacted first to two headlines. CoinDesk linked the sell-off to reports that Nvidia’s board had opened an independent investigation involving its chief executive, and to U.S. Secretary of State Marco Rubio saying talks with Iran had stalled. Nvidia said it had no reason to believe national security or company secrets had been compromised, according to the report.
Neither headline was about crypto. But bitcoin has been trading closely with risk appetite in tech stocks, and the Nasdaq fell nearly 5% last week, CoinDesk noted. Traditional markets open on Monday, and that reaction is the next test.
Five losing weeks in a row
Sunday’s sell-off also locked in a weak weekly close. On Coinbase’s daily data, bitcoin ended the week at $74,754, down from $78,231 a week earlier. It was the fifth consecutive lower weekly close, a run that started from $86,507 on Oct. 4.
Institutional demand has not provided a floor. U.S. spot bitcoin ETFs lost $1.28 billion over the past trading week, enough to erase their net inflows for 2026. Just five days ago, on Nov. 4, bitcoin closed above $80,000.
Levels traders are watching
Sunday’s low came close to bitcoin’s 200-day simple moving average. By AltcoinReporter’s calculation from Coinbase daily closes, that average sits near $73,170, about $300 below the weekend low. The 100-day average is near $77,290. CoinDesk cited similar levels, about $73,150 and $77,430.
Moving averages describe where price has been, not where it will go. A daily close below the 200-day average would put bitcoin under its long-term trend line for the first time since August. A move back above the 100-day would undo much of this month’s slide. Neither outcome is assured, and with leverage still being flushed out, sharp moves in both directions are possible.
FAQ
How low did bitcoin fall? Bitcoin touched $73,477 on Coinbase late on Sunday, Nov. 8, its lowest since August. The last time it traded that low was Aug. 21. It recovered to around $74,900 by early Monday.
How much was liquidated? More than $1 billion over 24 hours, including $913 million in long positions, according to CoinGlass data cited by CoinDesk. Ether positions made up $448 million and bitcoin $272 million.
Why did ether fall more than bitcoin? Ether dropped about 6% during the sell-off, compared with roughly 2.8% for bitcoin. CoinGlass data cited by CoinDesk show $448 million of ether positions were liquidated, against $272 million for bitcoin, which points to heavier leverage on ether.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
