Key Notes
- An earlier CoinGlass snapshot showed $870.84 million liquidated in four hours during the November 5 selloff.
- At 21:35 UTC, Bitcoin traded near $75,949 and Ether near $2,234 on Coinbase, with XRP and Solana also lower.
- A later CoinGlass check showed about $1.14 billion liquidated over 24 hours, with longs accounting for 88.3%.
Bitcoin fell below $76,000 on November 5 as a broad cryptocurrency selloff forced hundreds of millions of dollars in leveraged positions to close, reversing the market’s recovery through $80,000 a day earlier.
An earlier CoinGlass snapshot reproduced by ETHNews showed $870.84 million liquidated in four hours. That figure captures Thursday’s earlier wave of forced closures; it is not the total for the four hours preceding this article’s latest update.
Bitcoin, Ether and Major Altcoins Fall
Updated at 21:35 UTC on November 5, Coinbase exchange data showed Bitcoin at $75,948.51, down 5.25% over the preceding 24 hours. Ether traded at $2,234.46, down 7.51%; XRP stood at $1.2246, lower by 5.97%; and Solana changed hands at $89.93, down 5.04%.
Ether suffered the steepest percentage loss among the four in that snapshot. The simultaneous declines left traders facing weakness across the largest cryptocurrency and several of the market’s most actively traded alternatives. All four changes cover rolling 24-hour periods.
Bitcoin’s 24-hour range on that venue extended from $75,431.17 to $80,880.80. Its later quote was above the low but still below $76,000, while Ether remained under $2,250 and Solana under $90.
Long Positions Bear Most of the Losses
In a separate update checked at 21:33 UTC on November 5, CoinGlass showed about $1.14 billion in liquidations over 24 hours. Long positions accounted for approximately $1.01 billion, or 88.3%, while shorts represented $133.29 million. The dashboard counted 218,560 liquidated traders.
Its four-hour total at that later check was about $106 million. The difference from the earlier $870.84 million reading reflects different observation windows: as time passes, trades drop out of the rolling four-hour count even while remaining inside the 24-hour total.
Liquidations are forced closures when an account can no longer meet the margin required to support its positions. Falling prices put leveraged longs under pressure, and closing those exposures can intensify an existing selloff. The reported totals measure the value of liquidated positions, rather than an equivalent amount of cash withdrawn from exchanges.
The heavy concentration in longs shows which side of the market absorbed most of the forced closures. It does not establish that all bullish positions have been cleared or that prices have reached a floor.
Wednesday’s Recovery Gives Way
The decline extended the move covered in CoinScreamer’s earlier market report. Bitcoin had already broken below $78,000 and then $77,000 during the US session, as technology shares weakened.
It also reversed the advance described in our Wednesday rebound coverage. Coinbase had quoted Bitcoin near $80,757 at 15:24 UTC on November 4, before Thursday’s renewed selling.
The downturn followed a positive session for US spot crypto funds. Bitcoin ETFs attracted $74.57 million and Ether ETFs $53.02 million on November 4, as detailed in our ETF report. Those completed flows did not prevent the next day’s price reversal.
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