Crypto Derivatives Wipe Out $48.7 Million in Positions Over 24 Hours

$27.8 Million in Longs Closed Out

Roughly $48.7 million in leveraged crypto positions were closed out by force over the past 24 hours, and long positions absorbed the larger share. Aggregate derivatives data puts long liquidations at $27.83 million against $20.89 million for shorts as of 01:31 UTC on November 1, a gap of close to $7 million between the two sides. The split by asset inverts that market-wide pattern. On Bitcoin (BTC), short liquidations reached $2.81 million while longs came in at $2.27 million, so shorts led by a narrow margin. Ethereum (ETH) skewed further in the same direction: its short-side total of $5.52 million ran more than three times the long figure of $1.76 million, the largest single per-side reading in the breakdown. The tilt lines up with where prices stand now. COINOTAG's live monitoring shows Bitcoin near $77,720, up 0.4% across the session, and Ethereum near $2,268, up 1.0%, so a slow grind higher did the work of closing undercapitalized short positions on the majors. Elsewhere the reverse held: long positions in smaller assets carried the bulk of the $27.83 million long-side total. The figures cover leveraged positions across trading venues, from centralized platforms to decentralized exchange (DEX) markets, and they count the notional size of each closed position. Ethereum, a proof-of-stake network whose layer-2 ecosystem carries much of its activity, drew the heaviest short-side pressure of the two majors despite its smaller price move. The reading is a single snapshot: it counts every position forcibly closed in the 24 hours before 01:31 UTC, and the tally rolls forward as each window expires. No figure for the number of individual accounts closed was published in the breakdown, so the population of traders caught in the session stays uncounted.

What the Totals Do and Do Not Measure

A liquidation is the procedure by which a trading venue closes a leveraged position once the margin behind it no longer meets the required threshold. Two clarifications matter for reading the session's numbers. First, the liquidation total measures the size of the positions that were shut, not the money their holders lost; a trader's loss is capped at the margin committed to the position, which can be a fraction of the notional. Second, the size of liquidations alone says little about where prices go next. Longs are forced shut when prices fall, shorts when they rise, and a session of this size can accompany either direction. What this particular window does show is how leverage was distributed going into it. The market-wide long total of $27.83 million stood well above the short-side $20.89 million, yet both assets with a published per-coin breakdown ran the other way, with shorts leading on Bitcoin and Ethereum. That combination points to long positions in smaller assets supplying most of the aggregate long figure, a familiar shape for a session in which the majors drift upward while the tail of the market churns. The snapshot is also narrow in time. It covers the 24 hours before 01:31 UTC on November 1, and prices have barely moved since: COINOTAG's live feed places Bitcoin at $77,720 and Ethereum at $2,268, both within a fraction of a percent of their levels when the window closed. In a market this flat, small margin shortfalls, not directional bets, decided which positions survived the hour.

A Light Session for Forced Closures

By the standards of recent cycles the session was light. Liquidation totals in stressed markets routinely run an order of magnitude higher, and $48.72 million over 24 hours sits toward the quiet end of the range derivatives data has recorded through 2026. The composition carries more information than the size. Shorts were closed on the two deepest markets even as longs dominated the aggregate, which reads as mild upward pressure rather than a one-sided flush, and neither side was caught in size. The uneven split also says the stress was not systemic: it sat with individual positions, mostly longs in smaller assets, rather than with the market's core. That residual long exposure in the tail is where the next squeeze would land if prices slip.