Bitcoin Flushes To $62K In A Weekend Dump

Bitcoin dropped about 5% overnight and tagged $62,000 early Sunday, its lowest print since July. Then it bounced to roughly $65,000 as if nothing happened. About $2 billion in leveraged positions did not get the same courtesy.

What Happened?

Bitcoin dropped 5.7% during US trading on Saturday before sliding to about $62,022 in Asian hours on Sunday. Coinbase printed a low of $61,946. CoinGlass logged close to $2 billion in liquidations, around 87% of them longs, and more than 312,000 traders got wiped out.

The bigger picture looks worse. BTC is down almost 15% on the week and about 23% below its November 4 high, far under the $126,080 all-time high. The Kobeissi Letter flagged that Bitcoin had lost $11,000 in three days, with the wider market shedding roughly $800 billion since October 6.

Why It Happened?

There was no single trigger. Several things stacked up, and a thin weekend order book did the rest.

Start with macro. October CPI rose 0.4% and core rose 0.3%, both above expectations. Coinbase Institutional says futures now price 64 basis points of Fed hikes over the next year, up from 37 at the start of November. Higher rates and a stronger dollar are not what Bitcoin wants.

Tech made it worse. The Nasdaq fell about 5.5% on November 5 with chip stocks down around 12%. On November 12 Nvidia announced that Jensen Huang had resigned, shares dropped 12% at the open, and Bitcoin slid below $72,000. BTC keeps trading like a risk asset on the way down and refuses to join the rebound.

Then there are flows. US spot Bitcoin ETFs lost $1.91 billion across seven straight sessions through November 13, per Farside. Coinbase Institutional also counted an $11.5 billion contraction in USDT, USDC and DAI supply over 30 days. Less fresh money, more sellers. Add MARA, which disclosed selling 13,597 BTC for about $1.1 billion after Q3 (not necessarily during this dip), and the November 3 midterms, which handed Democrats both chambers and raised doubts about crypto legislation.

The mechanics finished the job. Spot ETFs do not trade on weekends, so there was no institutional bid when the price cracked. Bitcoin had already broken below its 200-week moving average, near $67,992 on Friday. Glassnode had flagged a liquidation cluster between $59,500 and $62,600, and Sunday’s low landed inside it. Once $70K went, forced selling took over.

Tom Lee offered his own list on X. It includes the Nvidia selloff, restored Binance balances after October’s hack, and a theory that investors may be selling crypto to raise cash ahead of Anthropic’s IPO. Nobody has put a number on that last one. Treat it as a guess.

Ether had its own problem. Onchain Lens spotted an Ethereum Foundation-linked wallet selling 7,500 ETH over four days.

Manipulation Or Just Leverage?

Crypto Twitter has already picked a side. Whale Scan posted that the move was “completely orchestrated.” Ash Crypto argued the timing was suspicious because Bitcoin had just reclaimed its 50-week average. No public evidence confirms manipulation so far, and many analysts blame excessive leverage instead. Michaël van de Poppe called it an extremely rare pullback driven by liquidations, and compared the three-day drop to COVID and the FTX collapse.

I don’t buy a single puppet master. I also can’t pretend a 5% flush at 2 a.m. on a Sunday, when nobody can hedge through ETFs, is a coincidence. Both things can be true: the market was stacked with longs, and someone with size knew where they were.

What To Watch?

ETF flow numbers land Monday. $60,000 is now the level everyone is watching. If it goes, the 2026 low of $57,718 from July 1 is the next reference point. Until buyers show up in the data, the bounce to $65K is just a bounce.

This article is not investment advice.