Price: $0.38692 -0.1468%
Market Cap: 56.79B 1.9039%
Volume (24h): 24.81B 0.4%
Dominance: 1.9039%
Price: $0.38692 -0.1468%
Market Cap: 56.79B 1.9039%
Volume (24h): 24.81B 0.4%
Dominance: 1.9039% 1.9039%
  • Price: $0.38692 -0.1468%
  • Market Cap: 56.79B 1.9039%
  • Volume (24h): 24.81B 0.4%
  • Dominance: 1.9039% 1.9039%
  • Price: $0.38692 -0.1468%
Home > Information news > Binance and OKX Users Bear the Brunt Of $700M Liquidation Storm, Short Traders Most Affected

Binance and OKX Users Bear the Brunt Of $700M Liquidation Storm, Short Traders Most Affected

Release: 2024/11/13 03:10 Reading: 250

Original author:Yellow News

Original source:https://coinmarketcap.com/community/articles/6733a20995130766a6352e0b

Binance and OKX Users Bear the Brunt Of $700M Liquidation Storm, Short Traders Most Affected

As Bitcoin (BTC) approached the $90,000 mark on November 11, the crypto market experienced a surge of liquidations, with over $700 million in positions closed on exchanges including Bitget, Bybit, KuCoin, OKX, and Binance.

In the preceding 24 hours, approximately 177,103 traders incurred losses of $676.76 million in the crypto derivatives market. Bitcoin traders were particularly affected, with $261 million in losses. Short traders bore the brunt of this liquidation storm, losing an estimated $212 million as Bitcoin rallied towards $90,000.

Long traders also faced setbacks as their expectations of reaching the $90,000 target went unfulfilled. The resulting miscalculations led to the liquidation of $48.21 million in digital assets, as bullish sentiment returned to the market after a period of decline.

The liquidation wave also extended to other cryptocurrencies such as Cardano (ADA), Solana (SOL), and Ethereum (ETH). Meme coins like Dogecoin (DOGE) and Pepe were also impacted. Ethereum futures contracts saw liquidations totaling $80 million, while SOL tokens lost approximately $22 million. Cardano's derivatives market experienced a loss of $7.13 million, and Dogecoin traders lost $8 million in the liquidation wave.

Similar to Bitcoin, ETH's liquidation was triggered by a 6% price increase, as traders' expectations failed to align with the token's performance. Short position traders lost $43 million, while long traders lost $36 million due to misjudgments regarding ETH's potential.

The liquidation storm was concentrated on centralized exchanges as bullish sentiment re-emerged in the market. Binance accounted for 39.24% of the losses, with $268 million in tokens liquidated. OKX followed closely, losing $169 million in the derivatives market. The largest single loss occurred on Binance, where a trader lost $15.70 million in one transaction.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.