$334 Million in Crypto Liquidations: A Snapshot of Market Volatility
The cryptocurrency market experienced a significant liquidation event on November 16, 2025, with over $334 million in long positions wiped out across major assets like Bitcoin (BTC), Ethereum (ETH), and altcoins. This surge in forced closures—primarily longs, which bet on price increases—highlights the heightened risks in leveraged trading amid ongoing volatility.
As the total market cap dipped 0.8% to $3.57 trillion, with BTC settling at $103,000, the liquidations underscore a classic “shakeout” phase where overleveraged positions unwind, often paving the way for stabilization or rebounds. Below, we break down the scale, causes, and implications, drawing from real-time data.
The Liquidation Breakdown: Longs Take the Hit
Liquidations occur when leveraged positions fall below margin requirements, triggering automatic closures to prevent further losses. The November 16 event was dominated by longs (bets on rising prices), totaling $334 million—up 40% from the prior day’s $240 million. BTC led the carnage with $115.98 million liquidated (90% longs), followed by ETH at $92.01 million. Smaller tokens like Solana (SOL), XRP, and POPCAT also saw spikes, with ripple effects across DeFi.
Key stats from the 24-hour period:
- Total Liquidations: $341.85 million (117,978 traders affected).
- Longs vs. Shorts: Longs $332.06 million (97%); Shorts $9.79 million (3%).
- Top Assets:
- BTC: $115.98 million (shorts $106.75M, longs $9.23M).
- ETH: $92.01 million (shorts $76.02M, longs $15.99M).
- SOL/XRP/POPCAT: $40-50 million combined, mostly longs.
- Largest Single Order: $18.96 million BTC-USD on Hyperliquid (long position).
| Asset | Total Liquidated | Longs % | Shorts % | Traders Affected |
|---|---|---|---|---|
| BTC | $115.98M | 8% | 92% | 45,000+ |
| ETH | $92.01M | 17% | 83% | 30,000+ |
| SOL | $25.5M | 70% | 30% | 15,000 |
| XRP | $18.2M | 65% | 35% | 10,000 |
| Total | $341.85M | 97% | 3% | 117,978 |
Data from CoinGlass and OKX (November 16, 2025).
Causes: Leverage, Macro Jitters, and Over-Optimism
The liquidation spike wasn’t random—it’s a confluence of factors:
- Overleveraged Longs: Traders piled into 100x leverage on platforms like Binance and Hyperliquid, expecting continued BTC rally (up 150% YTD). A 2-3% price dip triggered cascades, with $1.2 billion in longs liquidated last week alone.
- Macro Triggers: U.S. tariff threats (50% on EU imports) and Fed pause odds (45% for December cut) fueled risk-off, correlating 0.88 with Nasdaq’s -0.13% drag.
- Event-Driven: Post-ETF hype (XRPC’s $58M Day 1) led to “sell-the-news,” amplifying volatility (7.12% 30-day average for ETH/BTC).
Fear & Greed at 29 (fear territory) and RSI oversold (38 for BTC) signal exhaustion, but 43% green days over 30 days hint at rebound potential.
Implications: Short-Term Pain, Long-Term Gain?
Liquidations like this flush weak hands, often preceding rallies—2021’s $9.94 billion event sparked a 300% BTC surge. For the market:
- Volatility Spike: BVIV golden cross (50/200-day MAs) eyes 35% annualized swings.
- Opportunity: Oversold conditions (RSI <40) and stablecoin inflows ($9.3B to Binance) = dip-buy setups.
- Outlook: 65% odds for BTC $110K EOY on ETF rebound ($70B AUM); altseason if dominance <59%.
In a $3.57T market, $334M longs liquidated is noise—not nightmare. The flush clears; the surge follows. DYOR; fear’s the floor.