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. Asset Liquidations Long Share Bitcoin (BTC) $267.20 million 88.9% Ethereum (ETH) $167.14 million 81.1% 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.