Ether Liquidations Reach $343 Million in 24 Hours as Price Falls 4.52%
Key Facts
Ether liquidations totaled $343 million over 24 hours through the data snapshot at 22:21 UTC on Sunday, November 8, exceeding Bitcoin liquidations of $229 million, according to a TokenPost report. The snapshot showed that about 137,000 traders had their positions liquidated over the same period. Ether liquidations were $114 million higher than Bitcoin liquidations. On OKX, Ether was priced at $2,132.80 after touching a low of $2,063.29, down 4.52% over 24 hours. These figures put asset losses and liquidations in the context of a wave of pressure that extended across the crypto futures market.
The broader wave was sharp in the hour ending at 22:21 UTC, when crypto futures liquidations reached $745 million, according to TokenPost. Long positions accounted for about 96% of the total, indicating that positions betting on rising prices suffered most of the liquidations during that hour. Long liquidations totaled $715 million, compared with $29.62 million for short positions. These figures cover the entire market and the specified hour, while the $343 million figure covers Ether liquidations over a 24-hour window. TokenPost's report did not specify the direction of the Ether positions liquidated, so that total does not represent long positions alone.
The largest single liquidation was in the ETH/USDT market on Binance, with the position valued at $48.16 million, according to the report. In the same price snapshot, Bitcoin stood at $74,643, down 1.52% over 24 hours after reaching a low of $73,500. The differing price moves between the two cryptocurrencies show that liquidation values alone do not measure the extent of price declines: Ether liquidations exceeded those for Bitcoin, while Bitcoin's recorded decline during the window was smaller than Ether's. In comparing the two assets, the reference period matters: liquidation data cover 24 hours through the snapshot, while figures for the sharpest wave cover one hour ending at the same time. The report gave no specific explanation for the concentration of Ether liquidations or further details about other individual positions.
Sunday's wave followed earlier declines in the digital asset market. On Thursday, November 5, Ether fell 7.8% for the day, while the GMCI 30 index, which represents a group of the largest cryptocurrencies, dropped 6.4%, according to a report by The Block. In Thursday's trading, another report said Bitcoin fell 6% to $75,700, while Ether dropped more than 7% to $2,247, amid declines in technology and artificial intelligence stocks. The Nasdaq Composite was also down 4.7% as of 2 p.m. Eastern time that day, according to The Block. Those moves provide background for Sunday's session, but relate to an earlier session and are not prices for November 8.
Against the backdrop of fund flows, Ether exchange-traded funds recorded preliminary net outflows of $93.3 million on Friday, November 6, according to Crypto ETF data. The ETHA fund accounted for $90.8 million in outflows, while the published data covered only 7 of 11 funds, making the total preliminary at the time of the update. The source said it was the second consecutive day of outflows. These figures do not provide a confirmed explanation for Sunday's liquidations, but record investment activity two days earlier. A Capital.com analyst, in comments cited by The Block, also said political and regulatory risks had emerged as the artificial intelligence trade faced more fragile fundamentals, with earnings disappointments and a slowdown in AI spending.
Reuters attributed some of the market concerns in a report on pressure over recent sessions to the possibility that the U.S. Congress could tighten regulation of crypto assets after the midterm elections. The report also cited a $6 billion theft from Binance and the election of prominent crypto critics in the U.S. midterm elections the previous week. In late Sunday trading, Reuters reported that Ether fell about 5% to $2,223, its lowest level since August. That price snapshot differs from OKX data, which recorded $2,132.80 at 22:21 UTC; each has its own observation time and source. EL7 data show Ether closed at $2,238.67 on November 6 and $2,240.24 on November 7, providing a prior daily reference for Sunday's wave.