Coinglass counted $1.9 billion in crypto liquidations in the 24 hours through 6 p.m. ET Nov. 14, with long positions making up most forced closures as prices fell.
Bitcoin (BTC) traded at $62,616, down 8.21% over 24 hours, as of 8:35 p.m. ET Nov. 14 (01:35 UTC Nov. 15), according to CoinGecko and exchange spot data. Coinglass's tally included $684 million in Bitcoin positions and $466 million in Ether (ETH). Coinglass separately counted about $1.3 billion in long liquidations on Nov. 13, with Bitcoin making up most of that total.
Liquidations are forced closures of leveraged trades, usually after a position’s margin falls below an exchange’s requirement.
Bloomberg put Bitcoin’s decline since Oct. 21 at roughly 25% and reported nearly $3 billion in net withdrawals from U.S.-listed spot Bitcoin exchange-traded funds (ETFs) from Oct. 30 to Nov. 13. It also cited the aftermath of Binance’s recent $6 billion hack, investor caution around artificial intelligence and expectations for higher interest rates as pressures on crypto markets.
Rich Rosenblum, co-founder of crypto market maker GSR, told Bloomberg that a break below Bitcoin’s 200-day moving average near $73,000 contributed to liquidations and new short positions.
