Over the last 24 hours, as Bitcoin hovered between $89,700 and $92,500, a total of $317 million in liquidations took place. Long positions lost $210 million, while short positions lost $106 million. Crypto liquidations have been exceeding $300 million daily since November 6 as Bitcoin’s price continues to rise.
The highest levels were recorded on November 12, when over $800 million was liquidated as Bitcoin reached $87,900. According to data from Coinglass, long positions accounted for around 66% of total liquidations. Binance led the exchanges with $139.72 million in liquidations over the past 24 hours, followed by OKX and Bybit.
Despite low volatility, with Bitcoin experiencing a maximum 6% price swing within 24 hours since November 6, traders are engaging in leveraged positions that are getting liquidated. The liquidation levels suggest that traders are using high leverage or low collateral, leading to losses for both long and short positions.
These liquidation levels coincide with Bitcoin’s bull run following the U.S. election results. Traders seem to be making leveraged bets on market movements, resulting in liquidations even with minor price fluctuations.