Crypto liquidations hit $1 billion as Bitcoin briefly slips below $75,000

Crypto market liquidations surged above $1 billion as Bitcoin briefly fell below $75,000 on November 6, marking its lowest intraday level in more than two months. The sharp move coincided with broad declines in technology shares, prompting an increase in leveraged position liquidations across major cryptocurrencies.

Liquidation surge and price movements

Bitcoin’s intraday low reached $74,780.91, the weakest point for the asset since August 21. At the time Decrypt published its report at 16:34 UTC, Bitcoin was trading near $75,570. The drop came amid a rapid selloff in technology stocks and concerns over wider market sentiment.

Over the previous 24 hours, Decrypt tallied $1.05 billion in total crypto liquidations, with $930.04 million originating from long positions. Bitcoin accounted for $267.20 million of those liquidations, while Ethereum followed with $167.14 million. In this period, 88.2% of liquidations involved longs, showing the extent to which bullish traders were impacted by the price reversal.

Meanwhile, The Block reported liquidations of $1.09 billion on November 5, estimating that 211,000 traders were affected. A snapshot from CoinGlass, another market data provider, indicated $879.92 million in liquidations over four hours, with the majority also involving longs. The different totals reported by various outlets result from differing time frames and data collection methods, rather than reflecting conflicting events.

Later on November 6, Bitcoin.com cited total liquidations dropping to $470 million from previous highs, emphasizing how quickly liquidation volume can shift in a volatile market.

Stock market context and risk factors

The recent shakeout came after a brief Bitcoin rally that followed the US midterm elections. According to The Block, Bitcoin climbed above $80,000 during that period but then fell by approximately 6% to the $75,700 range.

Traditional markets faced similar turmoil. CoinDesk reported that on November 5, the Nasdaq Index dropped 5.5%, the S&P 500 lost 4.3%, and the Philadelphia Semiconductor Index fell 12%. Market watchers pointed to concerns over artificial intelligence investment and data center spending, potentially affecting risk appetite across sectors.

GSR, a global crypto trading firm, noted through its executive Carlos Guzman that increased leverage amplified the pullback. This matches data showing that the vast majority of liquidations were from long positions. However, no single event has been identified as the sole cause of Bitcoin’s sharp retreat.

Mini dictionary: GSR is a global algorithmic trading and market making firm specializing in digital assets, providing liquidity solutions to crypto markets.

CoinDesk’s reporting described the November 5 liquidation spike as the largest since late October, when Bitcoin dropped from nearly $82,000 to $76,000 in a short stretch, underscoring the importance of tracking both liquidation distribution and timing.

Updated market snapshot

A market overview from CoinGecko at 21:47 UTC on November 6 offered updated figures, reflecting prices several hours after the session low. Bitcoin traded at $75,743, down 0.22% in 24 hours, with a daily low of $74,921. Ethereum stood at $2,227.97, down 0.32%, while XRP was priced at $1.18, showing a 3.86% decline. Solana was little changed at $89.95.

At the same time, the Crypto Fear & Greed Index registered 28, reflecting a sentiment of fear in the market. Analysts pointed to leverage as a key factor in intensifying the market’s downward momentum.

Key levels and outlook

Jasper De Maere, a trader at Wintermute OTC, remarked that the recent rally supported by the post-election environment faded quickly. He described inflation and geopolitical tensions as ongoing risks. Wintermute identified $73,000 and $68,000 as potential levels for Bitcoin to watch if volatility continues, though these markers represent technical points rather than forecasts.

Most of the reported liquidations—in both daily and intra-session snapshots—were forced closures of long positions as Bitcoin’s price fell, signaling how leverage can exacerbate market moves during risk-off environments.

When interpreting future liquidation figures, sources highlight the importance of checking observation time frames and the relative size of long versus short liquidations. So far, recent data indicates that leveraged traders betting on further gains bore the brunt of the abrupt market slide.