After a calm, nearly flat Thursday<\/a>, crypto markets have flipped sharply into risk-off mode as a wave of liquidations slams prices lower, pushing total market capitalization down 8% on Friday morning to below $3 trillion.<\/p>\n Bitcoin (BTC<\/a>) plunged over 10% on the day, falling to as low as $81,050, extending weekly losses above 12%<\/p>\n Data from Coinglass<\/a> shows more than $2.2 billion in positions affecting more than 400,000 traders were liquidated over the past 24 hours, the largest single-day liquidation event since the Oct. 10 crash<\/a> \u2014 which saw record daily liquidations of nearly $20 billion. The vast majority of liquidated positions were longs, at just over $2 billion. Bitcoin led liquidations with $1.13 billion wiped out on the day, while Ethereum saw $428 million.<\/p>\n Ethereum (ETH<\/a>) also fell sharply, losing about 10% on the day to trade around $2,700, extending a slide that accelerated overnight. Among the top-10 tokens by market capitalization, most followed BTC and ETH, while DOGE is down the most with 11% losses, trading near $0.14. TRON lost the least in the past 24 hours, down a modest 2.7% today.<\/p>\n The Crypto Fear and Greed Index continues to stay at extreme fear levels for the sixth day in a row.<\/p>\n Glassnode analysts noted in an X post<\/a> today that Bitcoin\u2019s realized losses have surged to levels \u201clast seen during the FTX collapse,\u201d with short-term holders \u201cdriving the bulk of the capitulation.\u201d<\/p>\n The analysts added that the scale and speed of these losses reflect a \u201cmeaningful washout of marginal demand as recent buyers unwind into the drawdown.\u201d<\/p>\n CryptoQuant founder and CEO Ki Young Ju suggested in an X post<\/a> today that the market looks \u201cmore bearish\u201d than he expected, adding that if this continues, Bitcoin probably \u201cwill not see a strong recovery for the next 3-6 months.\u201d<\/p>\n Among the top-100 assets<\/a>, no non-stablecoin assets are in the green except Tether Gold, which is up 0.1%.<\/p>\n On the downside, all the top losers are seeing double-digit losses, led by Canton (CC), down over 22%, extending a multi-day slide, and NEAR Protocol (NEAR<\/a>), down around 17%.<\/p>\n ETF flows show that institutional positioning is worsening. Spot Ethereum ETFs recorded their ninth straight day of outflows on Thursday, Nov. 20. This is the longest streak on record for spot ETH ETFs, with nearly $261.6 million withdrawn, leaving total net assets at $17.4 billion, according to SoSoValue<\/a>.<\/p>\n Spot Bitcoin ETFs saw $903 million in outflows on Nov. 20, the second-largest single-day withdrawal since Feb. 25\u2019s $1.14 billion record.<\/p>\n On the macro side, John Williams, president of the Federal Reserve Bank of New York, said<\/a> in remarks at a central bank conference in Chile today that U.S. inflation is still slightly above the Fed\u2019s 2% target, currently around 2.75%.<\/p>\n Williams said the labor market has cooled a bit, which raises some risks for jobs, while inflation pressures have eased somewhat. He described monetary policy as \u201cmodestly restrictive\u201d and said future moves will depend on how the data unfolds, showing the Fed is taking a careful, data-driven approach.<\/p>\n![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fpasted-1763734528735-png-af997f5a-5d1e-4806-9d09-5a57433318be.png&w=2048&q=100\"\/)
Echo From FTX Era<\/h2>\n
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fpasted-1763734529661-png-1ac96e38-0040-4787-843f-a384833706e9.png&w=3840&q=100\"\/)
Today\u2019s Biggest Movers<\/h2>\n
ETFs and Macro Conditions<\/h2>\n