Crypto Liquidations Reach $187.2 Million, 60% From Longs

By Nathan Brooks

Crypto exchanges forcibly closed $187.2 million in leveraged positions during the 24 hours ending at 7:05 p.m. ET on Nov. 11, according to a reported liquidation tally. Long positions accounted for 60% of that value, and the tally covered 47,357 orders.

Long liquidations totaled $112.6 million, compared with $74.6 million for shorts, a $38 million gap. Spread across 47,357 orders, the reported total averages roughly $3,950 per order. A simple hourly calculation puts the overall pace at $7.8 million, though that does not imply evenly timed closures.

A liquidation is an exchange's forced closure of a leveraged position. The $187.2 million figure therefore tracks position closures rather than a regulatory enforcement action, court-ordered seizure or protocol exploit. It does not represent a confiscation or a theft loss.

Where did the liquidations occur?

Binance recorded the largest exchange total, followed by OKX and Bybit:

• Binance: $128.1 million
• OKX: $41.8 million
• Bybit: $17.4 million

Binance alone represented more than two-thirds of the headline liquidation value. The three displayed exchange subtotals add to $187.3 million, $100,000 above the reported headline. The data does not provide a complete venue-by-venue allocation.

Which assets accounted for the liquidations?

Bitcoin led the listed assets with $44.3 million, ahead of Ether at $37.9 million, Zcash at $18.7 million and Solana at $9.2 million.

• Bitcoin (BTC): $44.3 million; short liquidations exceeded longs.
• Ether (ETH): $37.9 million; longs exceeded shorts.
• Zcash (ZEC): $18.7 million; longs exceeded shorts.
• Solana (SOL): $9.2 million; longs exceeded shorts.

The asset breakdown does not cover every asset, so these four figures should not be treated as the entire market total.

The largest single liquidation was a $3.7 million Bitcoin long position on OKX at 5:28 p.m. ET on Nov. 11. That order represented about 2% of the reported 24-hour total.

What does this change for leveraged traders?

The immediate change is to the risk-management context: the tally provides traders with a quantified record of how much leveraged value exchanges closed during a long-heavy session. The 60% long share describes liquidation value, not the number of traders or positions on each side, and it does not identify who held the positions.

For market operators, venue concentration is the operational signal. Binance recorded more than two-thirds of the reported liquidations, so venue-specific margin and execution conditions belong in any assessment of the closures. The tally does not identify the traders, their leverage ratios or the collateral behind those positions, limiting what the figures show about individual accounts.

For investors, the distinction is between aggregate forced closures and a singular loss event. The $187.2 million total spans 47,357 orders, and the largest individual closure was $3.7 million. That gap matters because the headline aggregates positions across several assets and exchanges rather than identifying one company or protocol whose balances were drained.

An earlier, separate 24-hour tally put total liquidations at $70.71 million, with shorts accounting for more than longs. The earlier window carried the opposite side emphasis, although its starting time is not given and no continuous series connects the two periods. Read together, they show two liquidation snapshots, not enough evidence to establish a sustained directional shift in leverage.

The next 24-hour liquidation window is the next test of whether the 60% long-side concentration persists or gives way to a short-heavy pattern.