The crypto ecosystem is experiencing a sharp unwind of leveraged positions, with liquidations exceeding $800 million in the past 24 hours and total market-cap losses approaching 30% since October 6. The flagship asset bitcoin has dropped below key thresholds, for instance slipping under $93,000 for the first time since May.
Data from FXStreet show roughly $808 million in liquidations in 24 hours, comprising about $531 million in long liquidations and $277 million in short liquidations. That heavy skew towards forced long exits underscores how leveraged bullish bets are collapsing.
Bitcoin’s drop is tightly linked: it slipped below $93,000 on November 17, its lowest in over six months amid rising risk-aversion. With BTC’s pullback, margin calls are triggering across platforms, and leveraged futures desks are recording outsized losses. Historical data from late October showed ~165,000 traders liquidated in 24 hours with ~$817 million wiped out.
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The Fear & Greed Index for bitcoin plunged to 10, the lowest since February, marking “extreme fear” territory. A death-cross has also formed (short-term moving average crossing below long-term), adding to the technical bearish case.
The liquidation wave coincides with institutional players stepping back. Coverage notes that ETF allocations and corporate treasury inflows have paused, removing significant structural demand from the market.
Recently, MicroStrategy has become the focal point of bitcoin’s widening risk loop as the asset trades below last year’s close and loses support from ETF allocators and corporate treasuries, raising fears that a further $11,000 drop from recent levels could trigger what critics call the largest margin call liquidation in history.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
