Crypto Traders Lost Nearly $700 Million in Liquidation on Monday as Bitcoin Continues to Rally

On November 11, Bitcoin (BTC) surged to an unprecedented milestone, reaching a historic high of $88,000, the highest since its inception in 2009.

As Bitcoin rallied on Monday, traders lost nearly $700 million in crypto derivatives liquidations, driven mainly by traders being overleveraged on the BTC futures contracts.

According to data from CoinGlass, 177,103 traders experienced collective losses of $676.76 million across the crypto derivatives markets in the past 24 hours.

Bitcoin traders were hit the hardest, with approximately $261 million being wiped out during this period. This wave of liquidations occurred primarily on centralized exchanges as bulls begin to claw back some market control after months of a bearish season.

CoinGlass data shows that Binance alone contributed to 39.24% of the entire liquidation with $268 million wiped out from the exchange. At the same time, OKX saw about $169 million erased from its derivatives market.

The highest single liquidation order occurred on Binance with one of its users losing $15.70 million in a single trade.

This wave of liquidations impacted other major cryptocurrencies like Ethereum, Solana, Cardano, and even popular meme coins like Dogecoin.

CoinGlass’s data revealed that Ether alone saw approximately $80 million in futures contracts liquidated within 24 hours.

Solana traders saw around $22 million in liquidations, while Cardano’s derivatives market participants experienced losses totaling $7.13 million. Dogecoin, known for its volatility and devoted following, recorded approximately $8 million in liquidations.