Bitcoin fell below $76,000. That night, people using leverage and those holding spot experienced two very different things.
On November 5, U.S. Eastern Time, the Nasdaq closed down 5.5%, while the Philadelphia Semiconductor Index fell about 12%. After the midterm elections, investors worried that construction of AI data centers in the U.S. might slow down. That same day, $BTC fell below $76,000 intraday. With both markets falling, it’s hard to tell from the price action alone how much of the selling came from chip stocks.
What I care more about is another set of numbers. A CoinGlass snapshot on November 5 showed that about $1.018 billion in crypto positions were liquidated over the previous 24 hours, including $913 million in long positions—nearly 90% of the total.
If you hold spot, you can still decide whether to sell. But if you use too much leverage and the price hits your liquidation level, the exchange will close your position for you. Even if the price bounces back later, that position is already gone.
On November 5, U.S. Eastern Time, the Nasdaq closed down 5.5%, while the Philadelphia Semiconductor Index fell about 12%. After the midterm elections, investors worried that construction of AI data centers in the U.S. might slow down. That same day, $BTC fell below $76,000 intraday. With both markets falling, it’s hard to tell from the price action alone how much of the selling came from chip stocks.
What I care more about is another set of numbers. A CoinGlass snapshot on November 5 showed that about $1.018 billion in crypto positions were liquidated over the previous 24 hours, including $913 million in long positions—nearly 90% of the total.
If you hold spot, you can still decide whether to sell. But if you use too much leverage and the price hits your liquidation level, the exchange will close your position for you. Even if the price bounces back later, that position is already gone.
