More Than $1.05 Billion in Crypto Positions Liquidated as Bitcoin, Ether Fell

More than $1.05 billion in crypto positions were liquidated in the 24 hours leading into Nov. 6 as Bitcoin and Ether fell, highlighting how leveraged bets amplified the market decline.

Long positions made up about $930 million, or 88.2%, of the total. Bitcoin positions accounted for roughly $267 million in liquidations, while Ether positions accounted for about $167 million. Nearly 211,000 traders were affected.

Bitcoin fell nearly 6% during the episode, reaching $74,780.91 on Nov. 6, its lowest intraday level since Aug. 21. Ether dropped more than 7% to about $2,247. XRP and Solana also fell below key price levels.

The crypto declines coincided with a 5.5% fall in the Nasdaq Composite amid losses in AI and chip stocks. Liquidations occur when an exchange automatically closes a leveraged position after the trader's collateral can no longer cover it; forced sales from long positions can add downward pressure.