The crypto derivatives market suffered one of its heaviest leverage wipeouts in months after Bitcoin fell below $69,000, triggering more than $1.64 billion in liquidations over 24 hours. According to CoinGlass data, long positions accounted for roughly $1.46 billion, or 88% of total liquidations, while short positions lost about $183 million.
Blockchain analytics account Lookonchain identified four whale wallets that were each liquidated for more than $10 million, with combined losses of approximately $143.89 million. The largest of them, wallet 0x6046, lost 12,742 ETH worth about $25.2 million and 536.89 BTC valued at $38.77 million. Another address, 0x01e2, was liquidated for 511 BTC worth $36.4 million after earlier losing 404.86 BTC across six liquidations in 12 hours. A third wallet lost 357.09 BTC worth just over $25 million, while 0x4a20 suffered liquidations in Solana, Bitcoin, and Ethereum positions worth approximately $9 million, $5.85 million, and $3.52 million respectively.
Broader market pressure extended beyond individual whales. Bitcoin traders faced about $905 million in liquidations, 96% of them from longs, while Ethereum recorded $285 million in liquidations, 90% from bullish positions. Spot markets also showed heavy selling, with Bitcoin recording about $671 million in net spot taker selling and U.S. spot Bitcoin ETFs seeing $47 million in outflows on November 12.
Ethereum came under additional pressure after Lookonchain reported that an Ethereum Foundation-linked wallet, 0x5CBC, sold 2,000 ETH worth about $3.87 million when ETH fell below $2,000. The analytics account noted that this wallet has sold on multiple occasions since October 12, and each sale was followed by a notable ETH decline. Another large address, 0xBE4, sold 16,700 ETH worth roughly $32.3 million in one transaction after previously buying 8,631 ETH at around $2,749 about a month earlier due to FOMO.
The sell-off also hit major altcoins. At the time of writing, ETH was trading just above $1,900 after dropping 5% in 24 hours and almost 13% over seven days. XRP fell 14.2% to $1.02, while Solana declined 10% to $80. Lookonchain also noted that Tron founder Justin Sun's unrealized profit on his PEPE position dropped from a peak of $18.55 million to about $5.048 million during the two-day market crash.
