241125: Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge

Dogecoin, XRP, Stellar and Sandbox saw a larger liquidation share than usual as some top altcoins from the 2020-2021 cycle soared as high as 50%. Bitcoin retreated after failing to break the $100,000 milestone on Nov. 24, causing one of the largest weekend crypto liquidation events in over half a year.

Over $470 million worth of crypto positions were liquidated over the last 24 hours. Long and short liquidations comprised $352.6 million and $119.9 million, respectively, with altcoins accounting for the vast majority of wiped positions, CoinGlass data shows.

A total of $472.5 million in long and short positions were wiped over the last 24 hours as Bitcoin failed to cross $100,000. Source: CoinGlass

Bitcoin and Ether accounted for a combined $108.9 million worth of liquidations, while Dogecoin, XRP and Stellar rounded out the top five with $33.1 million, $27.6 million and $21.6 million liquidated. SOL, SAND, DOT, and ADA saw the next largest liquidations. It came as many of these altcoins from the 2020-2021 cycle unexpectedly outperformed across Nov. 23-24, increasing as high as 50% in XLM’s case.

The price rally also pushed DOGE to its highest point since May 2021 — the same month the memecoin skyrocketed to its all-time high, CoinGecko data shows. Industry analyst Miles Deutscher believes more traders from the last cycle are re-opening their crypto wallets for the first time in a while and re-investing in tokens they’re familiar with. Others pointed to these utility tokens trading below fair value in a barbell market that has seen Bitcoin and memecoins outperform thus far.

Source: CoinTelegraph

Futures Market Updates

A small correction in Bitcoin prices caused $470M to be liquidated across all markets.

Bitcoin Futures Updates

Total BTC Open Interest: $63.14B (+0.85%)

BTC Volume (24H): $79.66B (+44.89%)

BTC Liquidations (24H): $56.42M (Long)/$23.33M (Short)

Long/Short Ratio: 49.05%/50.95%

Funding Rate: 0.0180%

Ether Futures Updates

Total ETH Open Interest: $20.54B (-1.43%)

ETH Volume (24H): $40.03B (-14.74%)

ETH Liquidations (24H): $33.33M (Long)/$10.40M (Short)

Long/Short Ratio: 48.26%/51.74%

Funding Rate: 0.0261%

Top 3 OI Surges

OXT: $18.00M (+223.70%)

ME: $73.57K (+95.61%)

PUFFER: $21.35M (+80.74%)