Bitcoin Reaches $88,000, Triggering Nearly $700 Million in Liquidations

On November 11, Bitcoin surged to a historic high of $88,000, the highest since its inception in 2009. This rapid price increase triggered nearly $700 million in liquidations across major crypto exchanges, including Binance, OKX, KuCoin, Bybit, and Bitget.

According to data from CoinGlass, within 24 hours, 177,103 traders faced collective losses of $676.76 million across crypto derivatives markets. Bitcoin traders experienced the largest impact, with approximately $261 million liquidated during this period.

Bitcoin Short Traders Hit the Hardest

Short traders who bet against Bitcoin's rise suffered significant losses, totaling roughly $212 million. Long traders also faced setbacks as BTC fell short of projected targets, resulting in $48.21 million in liquidations as bulls regained market control after a prolonged downturn.

The liquidation wave affected other cryptocurrencies like Ethereum, Solana, Cardano, and Dogecoin. CoinGlass data indicated that Ether saw about $80 million in futures contracts liquidated. Following Bitcoin's trend, Ethereum surpassed resistance levels on Monday, registering over a 6% increase in value, leading to substantial liquidations among misaligned trading strategies.

Short positions on Ethereum incurred losses of about $43 million, while long traders faced $36 million in losses. Solana traders experienced around $22 million in liquidations, Cardano’s derivatives market participants lost a total of $7.13 million, and Dogecoin recorded approximately $8 million in liquidations.

Binance Contributed Lion's Share of the Liquidations

The majority of these liquidations occurred on centralized exchanges as bulls began to regain market control following months of bearish trends. CoinGlass data shows that Binance accounted for 39.24% of the total liquidation, amounting to $268 million, while OKX saw approximately $169 million erased from its derivatives market.

The highest single liquidation order happened on Binance, where a user lost $15.70 million in one trade.