Bitcoin flash-crashed to $100k — then roared back. Here’s what really happened behind the $610M liquidations

Bitcoin fell to $100,800 on November 12, down 4.2% in 24 hours, as the broader crypto market shed roughly $65 billion, before recovering early in the morning to $103,000.

The crash resulted in over $610 million in liquidations of leveraged positions, according to Coinglass data. The sell-off hit hardest during US trading hours, erasing overnight gains and pushing BTC through intraday support levels while dragging major altcoins lower.

The dollar strengthened ahead of the Nov. 13 US consumer price index release following five consecutive days of correction. This dynamic typically pressures non-yielding assets, such as Bitcoin.

Federal Reserve rate cut odds for December have faded in recent sessions, removing a tailwind that had supported risk assets through October.

As of press time, Polymarket’s odds of the Fed performing a 25-basis-point interest rate cut stand at 71%, down from 90% in late October.

Macro conditions now weigh on crypto positioning as traders await inflation data that could clarify the Fed’s policy path.

Leverage unwinds deepen the drop

Derivatives markets amplified the decline. The liquidation cascade follows a pattern established since the large unwinding events in October, as thin liquidity creates quick moves, and clustered stop-losses produce outsized price tails when triggered.

After weeks of choppy trade and gradual leverage rebuilds, the Nov. 11 positioning left the market vulnerable to a flush once selling pressure materialized.

Ethereum traded at $3,246.40 as of press time, up 0.25% in the past 24 hours, but underperforming Bitcoin on a relative basis.

Solana fell 1% to $153.21, BNB dropped 0.6% to $952.12, Cardano declined 1.6% to $0.5476, and both Dogecoin and XRP lost 2%, trading at $0.1686 and $2.34, respectively.

The mixed performance reflects uneven flows and selective de-risking rather than uniform capitulation.

Spot ETF Flows Split Between BTC and ETH

Spot Bitcoin ETFs recorded net inflows of $524 million on Nov. 11, according to Farside Investors data. This represents a rebound from prior sessions that offered brief support.

However, Ethereum funds posted roughly $107 million in net outflows, leaving ETH sentiment fragile and contributing to its underperformance.

The divergence between BTC and ETH flows added pressure on altcoins and kept broader market sentiment cautious heading into Wednesday’s session.

Traders now de-risk on rallies and react to micro-liquidity pockets rather than building directional exposure.

Until CPI data clarifies the rate path and Fed expectations stabilize, positioning remains defensive and vulnerable to swift reversals when stops cluster.

The market absorbed the selling without breaking major technical support, but liquidity remains thin enough that forced unwinds continue to drive outsized intraday moves.

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