Bitcoin fell below $67,000 on Saturday to its lowest price since August, wiping out $250 million in leveraged crypto positions within minutes and dragging Ethereum back under $1,900. The drop pushed Bitcoin down more than 20% over the past six weeks and left both tokens below their 200 day moving averages, breaking through the 200 week moving average near $68,000 that Strive CEO Matt Cole had called a historic buying opportunity a day earlier.

The weekend slide extended a multi-day rout triggered by hotter than expected October US inflation data, rising Treasury yields, and a tech stock pullback following the resignation of Nvidia CEO Jensen Huang. Earlier on Friday, 24 hour crypto liquidations reached $1.64 billion as the Crypto Fear & Greed Index sank to a four month low of 20 and spot Bitcoin ETFs logged a sixth straight day of net outflows, taking two week withdrawals past $2.5 billion.