Bitcoin Dips Below $74,000 as $748M Liquidated in an Hour
Bitcoin hit $73,477 and Ether $2,089 on Coinbase as CoinGlass recorded $747.7 million in hourly liquidations, mostly bullish bets. Prices then rebounded.
Key Notes
- Bitcoin reached $73,477 and Ether $2,089 during the same 21:55 UTC minute on Coinbase.
- CoinGlass reported $747.7 million liquidated in an hour, including $718.5 million in longs.
- XRP touched $1.10 while Solana fell to $84.95 before all four assets rebounded.
Bitcoin briefly fell below $74,000 in a sharp late-Sunday crypto selloff, hitting $73,477 on Coinbase as Ether slipped beneath $2,100. CoinGlass recorded roughly $748 million in liquidations over one hour, overwhelmingly from traders positioned for prices to rise.
The steepest moves in the exchange’s data came during the 21:55 UTC minute on November 8, when Bitcoin, Ether, XRP and Solana all recorded their lowest prices in the recent trading window.
Bitcoin and Ether Rebound From Their Lows
Bitcoin traded down to $73,477 and Ether to $2,089.01 in Coinbase trading data. During that single minute, Bitcoin fell about 1.8% from its opening price, while Ether dropped approximately 3.3% from its own opening level.
By 22:16 UTC, both had recovered part of the decline. Coinbase quotes put Bitcoin near $74,441 and Ether around $2,126, leaving them above their sharpest intraminute lows.
XRP touched $1.10 on the same exchange before recovering to approximately $1.119. Solana reached $84.95 and subsequently traded near $86.58. Those later quotes were also collected at 22:16 UTC.
The prices are snapshots from one venue. They distinguish the lows reached during the selloff from where the assets traded after the initial rebound.
Long Positions Account for Most Liquidations
At 22:14 UTC, CoinGlass showed $747.74 million in liquidations over the preceding hour. Long positions accounted for $718.51 million, or about 96%, compared with $29.23 million in shorts.
The dashboard’s 24-hour total was $824.92 million, involving 136,787 traders. Its largest recorded liquidation over that longer period was a $48.16 million ETH-USDT long position on Binance.
Liquidation figures measure the value of leveraged positions forcibly closed when traders can no longer meet margin requirements. They are not a measure of cryptocurrency stolen, money withdrawn from exchanges or the decline in the market’s total capitalization.
Closing bullish positions can add selling pressure as prices fall, helping a sharp move feed into further forced closures. The concentration in longs shows which side of the market absorbed most of the damage.
The Drop Follows a Difficult Week
Sunday’s Bitcoin low undercut the $74,722 Coinbase print recorded during Friday’s selloff. That session followed stronger US employment data and a sharp retreat in technology shares earlier in the week.
Demand through investment funds had also weakened. CoinScreamer’s weekly ETF analysis found $1.28 billion in net withdrawals from US spot Bitcoin funds in the week ended November 6, alongside $365.2 million from Ether products.
Those fund flows cover the completed US trading week, rather than Sunday’s trading. They describe the backdrop to the latest volatility without establishing a specific trigger for the sudden drop.
CoinGlass notes that exchange reporting limits can introduce aggregation and delays during extreme volatility. Its hourly and daily totals are rolling windows, so the figures above retain the time at which they were observed.
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