Bitcoin Drops Below $76,000 as Crypto Liquidations Pass $1 Billion
A sharp selloff across digital assets triggered widespread forced position closures on leveraged trading platforms.
Bitcoin slid under $76,000 on November 8, extending a decline that rattled the broader digital asset market. The drop came alongside a wave of forced liquidations across crypto exchanges, as leveraged positions were automatically closed when prices moved against traders.
Reports on the scale of the liquidations vary slightly. One account put the total above $1.2 billion, while another cited roughly $1 billion in liquidated positions. Both figures point to a significant deleveraging event across the market within a short window of time.
Ethereum fell alongside bitcoin, reflecting the correlated nature of major crypto assets during sharp downturns. When bitcoin moves sharply, altcoins including ether often follow, particularly when leverage is involved. Liquidation cascades can amplify these moves, as falling prices trigger margin calls that force further selling.
Liquidations occur when traders borrow funds to open larger positions than their collateral alone would support. If the market moves against those positions beyond a certain threshold, exchanges automatically close them to prevent losses from exceeding the trader’s deposited margin. In fast-moving markets, this process can accelerate price declines, since forced selling adds pressure on top of the initial move.
The scale of the liquidations reported, whether near $1 billion or above $1.2 billion, underscores how much leverage remains embedded in crypto derivatives markets. Even a single sharp price swing can wipe out a large volume of positions within hours. This dynamic has repeatedly played out during past market stress events, often producing volatility that extends beyond the initial trigger.
Traders and analysts typically watch liquidation data as a gauge of market positioning and risk appetite. A spike in liquidations during a downturn can indicate that many participants were positioned for continued gains using borrowed capital. When that assumption breaks down, the resulting unwind can compound selling pressure across both bitcoin and related assets like ethereum.
Sources disagree on this story
This article was published before the reports below were compared. The reporting above stands; what follows is where the published accounts do not agree.
NFTevening, CryptoBriefing, and crypto.news all describe a weekend crypto selloff tied to a tech stock rout, but they report different total liquidation figures, trader counts, and per-asset breakdowns for the same 24-hour window.
What all sources agree on
- Bitcoin fell below $75,000/$76,000 amid a broader tech and AI stock selloff.
- The Nasdaq Composite fell 5.5% during the episode.
- Long positions accounted for the large majority of liquidations.
- U.S. spot Bitcoin ETFs recorded net outflows during this period.
- Ethereum also fell sharply alongside Bitcoin during the same window.
Where the reports disagree
1Total crypto liquidations in the 24-hour window
In the 24 hours leading up to the morning of November 6, CoinGlass recorded $1.24 billion in position liquidations involving 235,397 traders.
Broader derivatives data showed over $1.05 billion liquidated in the 24 hours leading up to November 6, 2026.
CoinGlass liquidation data cited during the sell-off showed more than $1 billion in cryptocurrency positions closed over a 24-hour period.
What would settle it: CoinGlass’s own published liquidation dataset for the stated 24-hour window.
2Number of traders liquidated
involving 235,397 traders
Nearly 211,000 traders were hit by the liquidations.
What would settle it: CoinGlass’s own published liquidation dataset for the stated 24-hour window.
3Long-position liquidation share/amount
Long positions accounted for $1.10 billion, or 88.8% of the total value
Long positions accounted for approximately $930 million of the total, or 88.2%.
Long positions, which benefit when prices rise, accounted for approximately $931 million of the total.
What would settle it: CoinGlass’s own published liquidation dataset for the stated 24-hour window.
4Bitcoin-specific liquidation amount
Bitcoin accounted for $326.64 million in liquidations, with 89.8% coming from long positions.
Bitcoin positions accounted for around $267 million in liquidations during the key session.
Ethereum recorded around $455 million in liquidations, compared with approximately $278 million for Bitcoin.
What would settle it: CoinGlass’s own published liquidation dataset for the stated 24-hour window.
5Ethereum-specific liquidation amount
Ether followed with $209.25 million and a long ratio of 84.6%.
Ethereum followed with approximately $167 million, and XRP and Solana added further losses on top.
Ethereum recorded around $455 million in liquidations, compared with approximately $278 million for Bitcoin.
What would settle it: CoinGlass’s own published liquidation dataset for the stated 24-hour window.
What to make of it
Treat the broader narrative — Bitcoin’s drop toward the mid-$70,000s amid a tech stock selloff and ETF outflows — as established, but do not cite a specific liquidation total, trader count, or per-asset breakdown as fact until the underlying CoinGlass dataset is checked, since the three reports give different figures for the same window.
Market Impact
A decline of this scale, paired with over $1 billion in liquidations, suggests elevated leverage was present across crypto derivatives markets heading into the selloff. Forced closures of that magnitude can intensify short-term volatility, as automatic selling adds to existing downward pressure on prices.
For broader market participants, large liquidation events often prompt a reassessment of risk exposure, particularly among traders using leveraged products. The drop in both bitcoin and ethereum indicates the selloff was not isolated to a single asset, pointing instead to a market-wide deleveraging episode rather than an issue specific to one token or platform.
The decline below $76,000 and the resulting liquidation total highlight how quickly leverage can unwind during periods of crypto market stress. Traders will likely watch subsequent price action closely for signs of stabilization or further volatility.
Frequently Asked Questions
What caused the crypto liquidations on November 8?
A sharp drop in bitcoin’s price below $76,000 triggered forced closures of leveraged positions across exchanges, as reported by NFTevening and CryptoBriefing.
How much was liquidated in total?
Reported figures vary, with one source citing liquidations above $1.2 billion and another putting the total near $1 billion.
Did other cryptocurrencies besides bitcoin fall?
Yes, ethereum also declined during the same period, according to CryptoBriefing, reflecting a broader market-wide selloff rather than a move isolated to bitcoin.
What does a liquidation event mean for traders?
Liquidations happen when leveraged positions are automatically closed after price moves exceed a trader’s margin, which can add further selling pressure and increase short-term volatility.
Original source: AltcoinGordon
Syndicated coverage. Originally reported by altcoingordon.com.
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