The crypto market witnessed significant liquidations on November 9th, due to movements in Bitcoin and Ethereum. Short positions bore the majority of the losses.
Major Coins Drive Liquidations
The last trading session on November 9th was marked by substantial liquidations in the crypto market, spurred by movements in key coins like Bitcoin and Ethereum. These assets’ push into new price territories resulted in significant liquidations, particularly for short positions.
Market Liquidations Exceed $280 Million
Bitcoin’s new all-time high of $76,000 on November 6th triggered a spike in market liquidations, reaching over $600 million. This included nearly $427 million in short liquidations, the highest in over half a year. On November 9th, market liquidations remained high, exceeding $280 million. Coinglass data shows that short positions were the hardest hit, making up about $189 million of the total liquidation volume, while long positions accounted for approximately $92 million. The latest update indicates a short liquidation volume of nearly $120 million and a long liquidation volume of about $22 million.
Market Liquidation Impacts Major Assets
Bitcoin’s price has increased by over 3% in the past 24 hours, nearing the $80,000 mark—a new all-time high. Coinglass data indicates that Bitcoin led the liquidation volumes, with over $100 million in total liquidations in the past day. Short liquidations for Bitcoin alone amounted to $87 million, while long liquidations were around $13 million. Ethereum also saw substantial liquidation volumes, ranking second after Bitcoin. Ethereum experienced more than $56 million in short liquidations and an additional $13 million in long liquidations. Other assets affected by significant liquidation volumes included Dogecoin, Solana, and Sui.
The current market liquidation levels are influenced by increased investor sentiment, as shown by the crypto Fear and Greed Index. Volatility is expected to remain high with strong market movements and elevated crypto prices.
