Bitcoin fell to approximately $73,700 on Sunday, its lowest level since August, before recovering only part of the move. Ether weakened more sharply and traded near $2,100 by the morning scan. Reuters reported that the selloff followed the U.S. midterm elections and a broader retreat in risk assets, but the price record alone does not isolate a single cause.
The move forced out leveraged positions. CoinDesk, citing CoinGlass, reported more than $1 billion in crypto liquidations over 24 hours, including about $913 million of long positions. Ether accounted for roughly $448 million and bitcoin about $272 million. The largest reported individual liquidation was a $48 million ether position.
The asymmetry matters. Bitcoin was down roughly 2% over 24 hours near the scan, while ether was off almost 6%. XRP and HYPE also posted steeper declines than bitcoin. That pattern points to stress spreading through higher-beta assets rather than a bitcoin-only event.
ETF demand was already weak before the weekend. U.S. spot bitcoin funds had recorded their worst weekly outflow since June in the five sessions through November 5, while ether funds also lost capital. No U.S. ETF session occurred on Sunday, so the weekend drop cannot be attributed to a fresh daily fund-flow print.
Liquidation totals describe forced closures, not the original source of selling. The same macro shock can push spot holders to reduce risk, drive derivatives below maintenance thresholds and weaken fund demand at once. Claims that any one political, corporate or geopolitical headline caused the entire move exceed the available evidence.
TOKEN RECON ASSESSMENT
The confirmed change is a lower market floor accompanied by broad leverage stress. Bitcoin’s partial bounce does not erase the break to an August low, and ether’s underperformance shows that risk appetite deteriorated beyond the largest asset. A durable reversal needs spot demand that survives the next U.S. session and a recovery without another billion-dollar liquidation cycle.
