Crypto longs crushed as $604.4M in leveraged bets get liquidated in a day

Roughly $604.4 million in leveraged crypto positions were wiped out in the 24 hours ending 7:01 p.m. ET on Nov. 8, according to tokenpost.com. Longs did almost all the bleeding, accounting for 92% of the total. The carnage spanned 78,909 individual orders across Binance, Bybit and OKX.

Long liquidations hit $558.2 million, while shorts accounted for just $46.2 million. Ether took the hardest hit of any asset at $258 million, including $241.1 million in longs and $16.8 million in shorts. Bitcoin followed with $159.2 million, split into $147.9 million in longs and $11.4 million in shorts.

Solana logged $29.6 million in liquidations, nearly all of it longs at $28.9 million against just $710,411 in shorts. XRP shed $25.8 million, with $25.4 million from longs and $373,559 from shorts. Zcash rounded out the list at $10.8 million, made up of $8.9 million in longs and $1.9 million in shorts.

Janction stood alone as the only listed asset where shorts outnumbered longs, at $6.8 million versus $3.3 million. Every other asset skewed heavily toward long liquidations. By venue, Binance carried the heaviest load with $430.1 million, followed by Bybit at $123.3 million and OKX at $51 million.

The single biggest casualty was a $48.2 million Ether long on Binance, closed out at 4:55 p.m. ET on Nov. 8. A liquidation happens when a leveraged position's margin can no longer support the trade, forcing the exchange to shut it down. An earlier 24-hour tally had already reached $582 million, making the final figure an escalation rather than a one-off spike.