The cryptocurrency market faced a sharp $301 million liquidation wave over the past 24 hours, according to data from Coinglass, as volatility continued to unsettle traders following a turbulent month. Long positions took the biggest hit with $169 million in forced closures, while shorts saw $131 million liquidated — reflecting a mild bias toward bullish traders being squeezed amid erratic price swings.
While not the largest liquidation event of the year, the scale underscores how leverage remains a defining risk in crypto trading this November. Bitcoin hovered near $106,000, and Ethereum held above $3,600, with both showing signs of exhausted momentum after the U.S. Senate’s approval of a bill to end the 41-day government shutdown.
Longs Lead in a Balanced Squeeze
Coinglass data showed a nearly even split between long and short liquidations, a reversal from earlier in the week when bearish traders were hit as Bitcoin briefly surged past $106,000. Bitcoin accounted for over $120 million of total liquidations, followed by Ethereum ($65 million). Altcoins like Solana and XRP saw a combined $45 million wiped out as cascading stop-loss triggers deepened intraday losses.
Among exchanges, Binance led the pack with $98 million in total liquidations, followed by Bybit ($72 million) and OKX ($58 million). Analysts noted that Binance’s high leverage caps made it particularly prone to long-side liquidations during thinly traded Asian sessions.
One notable casualty was well-known trader James Wynn, who reportedly lost over $40 million in short positions as Bitcoin reclaimed key resistance levels. “Leverage is a double-edged sword in this environment,” said Markus Thielen, head analyst at 10x Research. “The shutdown’s end clears one cloud, but macro crosswinds keep traders on edge.”
| Liquidation Breakdown (Past 24 Hours, as of Nov. 11, 2025, 08:00 UTC) | Amount ($ Million) |
|---|---|
| Total Liquidations | 301 |
| Long Positions | 169 |
| Short Positions | 131 |
| Bitcoin (BTC) | 120 |
| Ethereum (ETH) | 65 |
| Other Altcoins | 116 |
| Top Exchange: Binance | 98 |
Shutdown Relief Brings Little Calm
The latest liquidation wave follows a string of larger wipeouts this month, including a $1.3 billion sell-off on November 4 when Bitcoin briefly fell below $104,000, and a $341 million flush just 16 hours earlier.
Total crypto market capitalization stands at $2.32 trillion, down 0.8% in 24 hours, with global trading volumes reaching $112 billion — elevated but heavily tilted toward futures markets as spot buyers remain cautious.
Market uncertainty has been compounded by delayed data releases during the shutdown, hawkish Federal Reserve remarks, and renewed U.S.–China trade tension. Analysts say this combination has driven a “forced deleveraging” cycle that earlier this month erased over $250 million in short positions.
Stablecoins, which institutions like BNY Mellon expect to reach $1.5 trillion in value by 2030, have served as temporary havens, with Tether (USDT) inflows exceeding $800 million as traders seek shelter from volatility.
Outlook: Potential Reset Before Rebound
Technical indicators suggest that Bitcoin may be nearing a local bottom. The Relative Strength Index (RSI) has dipped below 40, signaling oversold conditions, while Ethereum’s hold above $3,600 shows continued strength among major altcoins.
If the House of Representatives ratifies the government funding bill by midweek, analysts foresee a possible V-shaped recovery, with Bitcoin potentially rebounding toward $110,000 if $104,000 support holds firm.
Still, caution dominates. “This is one of the toughest liquidation stretches in recent memory,” said Bitwise strategist Jonathan Man. “Some market-neutral funds may still be exposed.”
As one trader on X quipped amid the chaos: “November — when bulls and bears both learn the cost of leverage.”
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk.
