Crypto Liquidations Hit $108.15M in One Hour as Longs Absorb 91%

Crypto traders lost $108.15 million in a single hour on Thursday, Nov. 12. Long positions absorbed almost all of it.

The tally covers 10,044 liquidation events recorded across Binance, Bybit and OKX between 9:10 a.m. ET (14:10 UTC) and 10:10 a.m. ET (15:10 UTC). Long positions accounted for $98.06 million, or 91% of the total. Shorts made up the remaining $10.09 million, according to liquidation data from the three venues.

The one-sided skew tells the story. Nearly nine out of every ten leveraged dollars wiped out belonged to traders betting on higher prices.

How the pain was distributed

Binance carried the heaviest share of the damage. The exchange recorded $65.13 million in liquidations during the hour.

• Binance: $65.13 million
• OKX: $22.52 million
• Bybit: $20.50 million

The numbers skew heavily toward retail-heavy futures books. Binance remains the largest derivatives venue by open interest, so its dominance here tracks with market structure rather than any venue-specific malfunction.

Which assets took the hit?

Bitcoin led the liquidation table by a wide margin. BTC positions worth $69.02 million were force-closed during the hour — roughly 64% of the entire three-venue total.

Ether followed at $15.79 million. NVDA ranked third among the listed assets at $3.93 million, reflecting the tokenized-equity and synthetic-stock products that now sit alongside spot crypto on major exchange listings.

What does this change for traders?

The practical question is whether an hour like this signals a broader deleveraging event or a single sharp flush. On that, the data offers no verdict. The $108.15 million figure is a three-venue measure only — Binance, Bybit and OKX — not a full-market reading.

Exchanges outside the sample, decentralized perpetuals protocols, and offshore venues with thinner reporting all sit outside this window. The true market-wide figure for the same hour was likely higher, though by how much is unknowable from this dataset alone.

A $108 million hour is meaningful but not extreme by historical standards. Major deleveraging cascades — the kind that mark local bottoms — have historically produced hourly totals several times this size. Still, the 91% long skew is the detail worth watching, because it shows which side of the book was crowded.

The next session will show whether this flush cleared leverage or merely preceded a larger one.