Overview
- CoinGlass data reported about $954.4 million in liquidated long positions and $127.3 million in shorts, totaling roughly $1.08 billion and wiping out positions from about 210,326 traders on Nov. 5.
- Bitcoin swung between roughly $80,500 and $76,000 before falling to about $75,954, and the broader crypto market lost roughly $140 billion in market value in a four-hour window to near $2.53 trillion.
- Liquidations were heavily concentrated at major derivatives exchanges, with Binance responsible for about 46.7% of reported forced closures and large events on Bybit and OKX also recorded.
- The selloff reflects a familiar feedback loop: high leverage and elevated open interest let modest price moves trigger automatic margin calls, which force sales and push prices lower in cascade-style liquidations.
- The episode cut into U.S. tech and crypto-related stocks during the session and, given its repetition over the past year, increases the likelihood of closer regulatory attention to margin practices and venue risk.