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Crypto traders lost nearly $700 million in liquidation on Monday as Bitcoin continues to rally.
Key Notes
The cryptocurrency market experienced massive liquidation of nearly $700 million on November 11, as Bitcoin goes parabolic.The single liquidation order occurred on Binance with the trader losing $15.70 million.On November 11, Bitcoin BTC $89 129 24h volatility: 9.6% Market cap: $1.76 T Vol. 24h: $130.78 B surged to an unprecedented milestone, reaching a historic high of $88,000, the highest since its inception in 2009. This rapid price escalation triggered a wave of liquidations, amounting to nearly $700 million in forcibly closed leveraged positions across major crypto exchanges, including Binance, OKX, KuCoin, Bybit, and Bitget.
According to data from CoinGlass, within the past 24 hours, a total of 177,103 traders experienced collective losses of $676.76 million across the crypto derivatives markets. Bitcoin traders bore the brunt of the liquidation storm, with approximately $261 million wiped out during this period.
Bitcoin Short Traders Hit the Hardest
Short traders, who had bet against Bitcoin’s rise and failed to anticipate its climb to $88,000, suffered the most severe blow, losing roughly $212 million.
Conversely, long traders who overestimated Bitcoin’s potential gains also faced unexpected setbacks as BTC fell short of their projected targets. This miscalculation resulted in $48.21 million worth of assets being liquidated, as bulls began reclaiming the market after enduring months of a prolonged downturn.
The ripple effect of this liquidation wave extended beyond BTC, impacting other major cryptocurrencies like Ethereum ETH $3 397 24h volatility: 7.8% Market cap: $408.79 B Vol. 24h: $70.16 B , Solana SOL $223.6 24h volatility: 7.0% Market cap: $105.50 B Vol. 24h: $13.64 B , Cardano ADA $0.64 24h volatility: 9.6% Market cap: $22.90 B Vol. 24h: $3.33 B , and even popular meme coins such as Dogecoin DOGE $0.43 24h volatility: 50.8% Market cap: $62.12 B Vol. 24h: $33.69 B .
CoinGlass’s data revealed that Ether alone saw approximately $80 million in futures contracts liquidated within 24 hours. Mirroring Bitcoin’s trend, Ethereum surged past its resistance levels on Monday, registering over a 6% increase in value. This sharp rise triggered substantial liquidations among traders whose strategies did not align with the asset’s unexpected performance.
Short positions on Ethereum experienced the steepest losses, amounting to about $43 million, while long traders who misjudged the asset’s potential endured losses of $36 million.
Solana traders saw around $22 million in liquidations, while Cardano’s derivatives market participants experienced losses totaling $7.13 million. Dogecoin, known for its volatility and devoted following, recorded approximately $8 million in liquidations, contributing further to the widespread turbulence across the crypto market.
Binance Contributed Lion’s Share of the Liquidations
This wave of liquidations occurred primarily on centralized exchanges as bulls begin to claw back some market control after months of a bearish season. CoinGlass data shows that Binance alone contributed to 39.24% of the entire liquidation with $268 million wiped out from the exchange while OKX saw about $169 million erased from its derivatives market.
The highest single liquidation order occurred on Binance with one of its users losing $15.70 million in a single trade.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
