Crypto Market Recap Nov 12, 2026: Crypto Drifts Lower

What Moved

A soft day: total market capitalisation ended at $2.46T, down 1.7% from a day earlier.

This was an altcoin day: bitcoin ended at $71,226 (-4.0%) but the rest of the top hundred did better, with a median move of -0.9%. Ethereum lost 2.4% to $2,013.

Breadth was weak: 1690 assets fell against 801 that rose, and only 24.0% of the hundred largest managed a gain.

Beldex (BDX) was the day's strongest mover at +6.9%, ahead of M (+5.3%). At the other end, Pearl (PEARL) fell 8.0%, with STX (-7.6%) close behind. By sector, Derivatives & Perpetuals led (+0.6%) while Layer 1 trailed (-2.9%).

Volume and Leverage

We measured $45.9B of spot turnover, -0.1% on the previous session — nothing unusual in participation. Spot on centralised exchanges accounted for $44.9B, on-chain swaps $1.75B and derivatives $88.1B.

Liquidations were contained at $221M, most of it longs ($154M against $67.5M of shorts). Open interest across the venues we track is $59.0B.

Sentiment

Sentiment is fear: our Fear & Greed index reads 41 (36 yesterday, 50 last week).