• Crypto liquidations reached about $1.05 billion in 24 hours as of November 9, longs 92%.
• Ethereum led liquidations at $456.5 million, about 43% of the total, ahead of Bitcoin.
• US spot Bitcoin ETFs posted $1.28 billion in net outflows from November 2 to 6.
$1.05 Billion Wiped From Leveraged Positions
Forced liquidations swept about $1.05 billion out of the digital asset derivatives market over the 24 hours to Monday, November 9, and nearly all of it landed on traders who had bet on higher prices. Long positions absorbed roughly $962.7 million of the total, about 92%, while short positions accounted for just $82.7 million. Derivatives data shows a market that had loaded one side of the trade and had no cushion ready when the direction turned.
The per-asset split makes the same point. Ethereum (ETH) took the single largest hit at approximately $456.5 million, roughly 43% of everything wiped out, ahead of Bitcoin (BTC) at $284.5 million. Solana (SOL) and XRP each saw about $39 million in forced closures. That ranking matters because it shows the flush ran through the altcoin leverage stack as well as the flagship pair.
Prices moved the same way. Bitcoin slid to $73,708 during Sunday's session, its weakest print since August, and Ethereum dropped to around $2,100, with XRP falling into the low $1 range. COINOTAG's live monitoring puts Bitcoin at $74,024, down about 2.4% over 24 hours, and Ethereum at $2,096, down 6.3% on the same span. The recovery from the overnight low is shallow: Bitcoin sits roughly $300 above the level that forced the cascade and about $1,700 below the resistance zone traders are watching.
The mechanics are familiar. Falling prices drained margin from leveraged longs, venues closed those positions, and the resulting sell orders pushed prices lower again, pulling the next tier of longs into the same cycle. One 24-hour window carrying $1.05 billion of closures, with 92% of it on the long side, is the arithmetic of that loop at work.
Midterms, Binance Hack and ETF Outflows
Three pressures built the backdrop for the flush. The first is political: in the United States midterm elections on November 3, Democrats secured majorities in both chambers of Congress, and the result has raised caution around the direction of digital asset regulation. Markets tend to price regulatory outcomes slowly, and the past week's selling suggests positioning had already started to reflect that wait.
The second is exchange security. On October 29, Binance lost approximately $6.34 billion in digital assets to a theft, one of the largest breaches on record. The exchange has been working to make affected customers whole, but the incident put the vulnerability of even the largest venue on display. Risk appetite has stayed defensive since, and interest in self-custody options such as a hardware wallet typically picks up after events of this size.
The third is fund flows. US spot ETF products recorded roughly $1.28 billion in net outflows between November 2 and November 6, with $411.9 million leaving on November 6 alone. Those outflows matter for the liquidation story because they removed a source of spot demand exactly when leveraged longs needed it most. A market losing ETF inflows while carrying a heavy long leverage stack had little left to absorb forced selling.
Together the three threads explain why the cascade concentrated on longs rather than spreading evenly. Positioning leaned toward the upside, spot demand thinned, and two sentiment shocks, the election result and the breach, arrived inside a single week. When the turn came there was no counterweight, and the $1.05 billion in closures was the release.
The $75,700 Line and the $70,000 Question
The near-term reference is $75,700, the level corresponding to the average entry price of short-term Bitcoin holders, a widely watched on-chain cost basis. Reclaiming it would frame the current flush as a leverage reset; failing to do so leaves $70,000 as the next major support below the market. COINOTAG's live data shows little momentum in either direction since the morning reading, with Bitcoin 0.2% lower at $74,024 and Ethereum down 1.0% at $2,096. The distance that matters now is the same one the liquidation data measured: a market that shed $1.05 billion in closures within 24 hours, 92% of it from longs, must rebuild that side of the book before any sustained recovery can be priced.
