Morning market report

Morning Market Report. Friday, November 13, 2026.

The crypto market is under significant broad selling pressure today, with the total market cap down nearly 5% in 24 hours to $2.35 trillion, as a strong downtrend grips the space and very few coins are holding up.

BTC trades at $68,940, down 6.6% on the day. Despite the sharp drop, roughly 75% of leveraged traders are still positioned for a rise, and new leveraged bets against the price are being added, suggesting a tug-of-war where the bulls are increasingly on the wrong side. In the last hour alone, over $136 million worth of leveraged long positions were forcibly closed out, against just $1.1 million on the short side. That imbalance shows how much pain bullish leveraged traders are absorbing right now.

ETH sits at $1,938, down 5.7%, with 79% of the leveraged crowd betting on a recovery. New leveraged bets on a rise are still being added, yet over $59 million in long positions were liquidated in the last hour. The gap between what traders expect and what the price is doing remains wide.

XRP at $1.008 is down 3.8%, a relatively smaller drop, though leveraged bets on a rise are carrying an unusually high implied cost annualised at 11%, meaning traders holding those bullish positions are paying a steep ongoing fee to keep them open. SOL at $78.78, down 5.5%, shows a similar pattern with new bullish leveraged bets being added at the same high cost, and over $10 million in long liquidations in the last hour.

Across all four coins in the past 24 hours, nearly $1.19 billion in leveraged long positions were forcibly closed versus roughly $133 million on the short side. That is a heavily one-sided washout.

On the flow side, Bitcoin spot ETFs have seen money leave for six consecutive days, with $47.7 million exiting yesterday alone and $1.41 billion out over the past week. Large holders appear to be in a distribution phase, gradually moving coins rather than accumulating. Market sentiment sits at a Fear and Greed score of 20, in the Extreme Fear zone, while BTC's share of the total market has climbed to 59.2%, meaning traders are rotating away from smaller coins toward the relative safety of Bitcoin. The VIX, a measure of expected turbulence in traditional stock markets, sits at 18.7, elevated but not at crisis levels.

For context, we also measure a heat score for BTC and ETH to track whether conditions resemble past overheated tops. Right now both scores are low at around 0.24 to 0.25 out of 1. We track this number for pattern awareness only and do not treat it as a trigger for anything.

Today, the main things worth watching are whether the ETF outflow streak extends to a seventh day, whether the large pool of leveraged bulls left in the market continues to unwind and adds further downward pressure, and whether total market breadth begins to widen or remains as narrow as it is now, which would be an early hint that selling is becoming more selective rather than indiscriminate.