Bitcoin (BTC) Longs Took 89.4% of Liquidations in the Selloff

Longs Took 88% of a $1.08B Flush

Longs took nearly nine of every ten dollars wiped out from Bitcoin (BTC) traders in the latest crypto leverage flush. Data covering the 24 hours to early Friday (UTC) shows 209,826 traders liquidated across the market for a combined $1.08 billion, with long positions accounting for $956 million of that, or 88% of the total. Short positions contributed only $130.78 million by comparison. A liquidation is the forced closure of a leveraged position when its margin can no longer cover losses, and perpetual futures venues such as Hyperliquid run that machinery continuously: a sudden move against a crowded side can turn individual margin calls into a cascade of automatic closures.

The sharpest single hit of the session belonged to one whale trading there. On-chain tracker Lookonchain documented how the trader suffered eight successive forced closures amid the panic selling, losing 201 Bitcoin (BTC) worth about $15.6 million, close to the entire account, and leaving the wallet address almost completely drained. The sequence played out within minutes of the market turning. Few sessions illustrate how fast high leverage erases a large position when a market gaps against it.

@lookonchain · X post

Suffered eight successive forced closures.

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COINOTAG's own readings frame how little cushion those leveraged longs had left. Spot traded at $76,164 at the time of writing, down 5.5% over 24 hours and roughly flat against the 02:00 UTC reading. Our composite level scoring puts the strongest support at $74,438, a floor scored 93 out of 100 where a crypto options put wall adds confluence, and the heaviest resistance at $78,003, scored 97 out of 100. Positioning still leans the way that made the session so costly: funding sits at 0.0043% on perpetuals and 76% of tracked accounts hold longs, a 3.17 long/short ratio. Sentiment gauges read 28, in fear territory. A break of $74,438 would test the stronger floor; reclaiming $78,003 would relieve it.

Nasdaq's 5% Drop Set the Tone

The selling did not start in crypto. On Thursday, November 5, the Nasdaq Composite plunged nearly 5% intraday, its worst session in months, while the S&P 500 fell roughly 3.8%. AI and chip stocks led the decline amid post-midterm uncertainty and growing doubts about whether the AI trade can keep justifying its valuations. The rout spread into digital assets within hours. Ethereum touched a low of $2,239 in the same window and Solana lost 5.9%.

Michaël van de Poppe addressed the drawdown on X, writing that the past 24 hours had been heavily influenced by leverage trading and that his thesis on the asset had not changed. He framed $75,000 as the obvious level for new longs, a zone he noted coincides with the Nasdaq low he has targeted at 26,500. That is a long-term HODL position rather than a call on the next candle, and it puts his entry close to where the market now trades. The AI-equity connection is not a new worry: Arthur Hayes had already warned that AI stock selling could push the coin toward $75,000.

@CryptoMichNL · X post

On X.

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Sentiment has cooled with the tape. The Crypto Fear & Greed Index, which stood at 73, in greed, last month, dropped to 34, a fear reading, a day before the flush totals were tallied. Meanwhile the venue breakdown held its own concentration: Binance captured the largest venue share at 44.3% of all closures, and the biggest single position closed there was a $10.94 million ETH long. With 89.4% of Bitcoin's $282.37 million in liquidations sitting on the long side of a $1.08 billion market-wide toll, the pain from any further equity shock lands on one side of the book, and traders will watch the next Wall Street sessions before stacking leverage again.