More Than $1.3 Billion in Crypto Derivatives Positions Liquidated as Bitcoin Falls
Key Facts
Exchanges liquidated more than $1.3 billion in crypto derivatives positions over 24 hours, in a wave of pressure on leveraged traders that coincided with Bitcoin’s fall below $70,000. CoinDesk published the data on Nov. 12, citing Coinglass, and said Bitcoin alone accounted for $677 million of the total. The figures cover derivatives positions across the market and are not limited to long positions. In a separate report published on Nov. 13, CoinDesk cited another 24-hour total of $1.64 billion, with long positions accounting for 88.7% of liquidations in that window. The figures show how liquidation totals differ depending on the period covered by each reading.
A liquidation occurs when an exchange forcibly closes a leveraged position after its losses exhaust the trader’s margin. According to CoinDesk, a 24-hour tally aggregates positions closed during that period, while the share of long positions shows the direction of the positions that incurred losses within the stated total. In the reading published on Nov. 13, those positions accounted for 88.7% of $1.64 billion. The figure of more than $1.3 billion published on Nov. 12, meanwhile, is the total in crypto derivatives liquidations, including $677 million in Bitcoin. These figures put the scale of forced closures in the context of a market downturn, without making total liquidations synonymous with liquidations of long positions alone.
Bitcoin fell to $69,000 early on Friday, Nov. 13, its lowest level since Aug. 19, according to CoinDesk data. In a report published the same day, CoinDesk linked the token’s decline to a broader market slump and a stronger dollar amid interest-rate expectations. Investing.com later reported a lower reading on Nov. 13, saying Bitcoin fell to $68,099.3 at 23:03 GMT, after dropping below $70,000 for the first time since mid-August. The two readings show price moves during a volatile session, with differences in observation time and reference source. In the week ended Nov. 13, Bitcoin fell 10.2% and was on track for its worst weekly performance since early June, according to Investing.com.
Pressure on derivatives positions coincided with increased trading activity, as crypto derivatives trading volume rose 58.3% to $269.1 billion over 24 hours in data cited by CoinDesk on Nov. 13. Over the same period, open interest fell 4.6% to $120.2 billion. Trading volume measures the value of contracts traded during the period, while open interest reflects contracts that remained outstanding; in this reading, trading rose as open interest contracted. The two indicators’ moves were consistent with a day of widespread liquidations and price volatility, but on their own do not determine the market’s direction in subsequent sessions. The coverage thus reflected the coincidence of elevated trading activity and a reduction in outstanding positions.
The selling wave came as concerns about U.S. inflation and expectations of tighter monetary policy intensified. The producer price index for final demand rose 6.5% in the 12 months ended in October, its largest annual increase since a 7.4% rise in November 2022, according to the U.S. Bureau of Labor Statistics. The Associated Press said annual producer-price inflation accelerated from 6.3% in September to 6.5% in October, while consumer prices rose 4% year over year in October, compared with 3.7% in September. On Nov. 11, the agency reported that investors saw a 90% chance of the Federal Reserve raising borrowing costs at its next meeting. CoinDesk said the dollar’s rise and interest-rate expectations accompanied Bitcoin’s decline.
Investors are watching the Federal Open Market Committee meeting scheduled for Dec. 8 and 9, 2026, according to the Federal Reserve’s official calendar. CoinDesk had cited the same dates in its coverage, while the Associated Press linked market expectations of a rate increase to the meeting. It comes after October inflation data showed annual increases in producer and consumer prices, according to figures published in November. The U.S. Bureau of Labor Statistics also scheduled the release of November’s consumer price index data for Dec. 10, 2026, at 8:30 a.m. Eastern time. These upcoming economic milestones put monetary policy and prices at the forefront of what investors are tracking after the liquidation wave.