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.