CryptoQuant analysts said on Nov. 13 that Bitcoin had fallen about 19% from its peak during a broad crypto sell-off, more than the 14.39% average correction in previous bull cycles. The firm said the drawdown and rising losses among short-term holders could make the current price range an important bottoming zone if the broader bull-market structure holds.

Bitcoin drawdown exceeds bull-cycle average

CryptoQuant analyst MAC_D46035 said the Bitcoin Bull Cycle Drawdowns indicator showed that declines from previous highs averaged about 14.39% during bull markets. The current correction had reached roughly 19%.

“Bitcoin is currently down approximately 19% from its peak, exceeding the historical average drawdown observed during previous bull markets,” the analyst said in a CryptoQuant post dated Nov. 13, 2026.

Short-Term Holder SOPR, measured using a seven-day moving average, fell to about 0.987. CryptoQuant said the reading indicated that short-term holders were increasingly selling Bitcoin at a loss. Similar levels appeared near major market lows in previous bull cycles, according to the firm.

CryptoQuant cited concerns about interest-rate increases, rising U.S. Treasury yields, a stronger DXY dollar index and weakness in artificial-intelligence-related stocks among the reasons for the correction.

Bitcoin fell below $68,000. Over 24 hours, positions held by 185,595 traders were forcibly closed, with total liquidations reaching $1.64 billion. Traders with long positions suffered the largest losses.

Hyperliquid whales return to net long position

Glassnode said whales trading on Hyperliquid had shifted back to a net long position in BTC after being short over the previous two weeks. That short exposure was their first since early 2026, according to a Glassnode post dated Nov. 13.

The analytics firm said the whales had been short from the market top and remained long throughout the August rally.

An X user writing as FireKyle said the 19% decline exceeded the average bull-cycle correction but remained relatively moderate for Bitcoin. The user also warned that short-term holders with unrealized losses may sell during price rebounds, adding to market pressure.

Into The Cryptoverse founder and CEO Benjamin Cowen said that after a false breakout from one side of a trading range, Bitcoin often moves quickly toward the opposite boundary once the signal is confirmed.

Spot and derivatives demand diverge

CryptoQuant said its 30-day estimate of aggregate Bitcoin demand had previously fallen to minus 348,000 BTC, the lowest level in a month. Over three days, spot demand increased by about 29,500 BTC, while demand for perpetual futures declined by 63,500 BTC.

Source: Incrypted