Forced liquidations wiped out approximately $1.05 billion across the digital asset derivatives market over the 24 hours to Monday, November 9, and nearly all of the losses landed on traders who had bet on higher prices.

Data first reported by COINOTAG shows that long positions absorbed roughly $962.7 million of the total — about 92% of the wipeout — while short positions accounted for the remainder, approximately $87 million, or roughly 8% of the overall figure. That skew is the most telling detail in the dataset: it shows that bullish leverage, not bearish bets, made up nearly all of the exposure that was forcibly closed.

Liquidations are a built-in mechanism of leveraged trading on cryptocurrency derivatives exchanges. When the collateral backing a leveraged position falls below the exchange's maintenance margin requirement, the position is automatically closed and the trader forfeits the committed margin — meaning the wiped-out longs lost their staked capital outright, regardless of where prices went afterward. Long liquidations occur when bullish leveraged positions are forcibly unwound as prices move lower, while short liquidations tend to cluster during upward price moves. For this reason, the split between long and short liquidations is commonly tracked as a measure of which side of the leveraged market was hit hardest by recent price swings. Read against that yardstick, a tally weighted this heavily toward longs indicates that the price moves doing the damage during the window were downward ones, since short-side liquidations — which cluster on rallies — made up less than a tenth of the total.

The figures capture a single 24-hour slice of activity rather than a cumulative total, which is one reason liquidation data is typically tracked on a rolling basis: subsequent tallies from the same window-by-window reporting are the natural next datapoint for gauging whether leveraged positioning across the derivatives market continued to unwind or settled down after Monday's wipeout.

This content was first published on COINOTAG: https://en.coinotag.com/longs-bear-92-percent-of-1-05-billion-crypto-wipeout