241112: Bitcoin Spikes Above $89K in Wild Trading Session, Battering Both Bulls and Bears
Bitcoin briefly surged above $89,000 in early Asian hours, before correcting to as low as $87,000, in a wild trading session that saw the asset extend 7-day gains to over 32%. The volatility caused nearly $700 million in liquidations on crypto-tracked futures, impacting both longs and shorts (or bets on higher and lower prices, respectively), with $380 million in bearish traders and $290 million in bullish bets evaporated. Such cumulative losses are the highest since early April, when BTC briefly crossed its previous peak at over $73,000.
BTC-tracked futures recorded over $200 million in short liquidations, followed by $40 million in bearish ether trades. Futures of other majors and midcaps, from Solana’s SOL to Aptos (APT) saw over $25 million in losses each — with unusually large figures implying a swift return to riskier bets among crypto traders. These futures typically see liquidations under $5 million in general market conditions.
Annualized funding rates have spiked to over 30% across some altcoin-tracked futures, Coinglass data shows. BTC zoomed more than 7% in the past 24 hours following an unusually bullish weekend, carrying over sentiment for higher prices after Republican Donald Trump's win at the U.S. presidential elections last week. A Republican sweep could see total crypto market cap grow to $10 trillion by the end of 2026 from the current $3 trillion mark, bank analysts say, with price targets of $100,000 by the end of this year.
Traders warn of a price correction in the short term, however, with the risk of a leverage washout above the $90,000 level and predictions of a slower ascent from current levels to $100,000.
Source: CoinDesk
Futures Market Updates
BTC crushing $89K got over $210 million in short positions liquidated.
Bitcoin Futures Updates
Total BTC Open Interest: $52.7B (+7.65%)
BTC Volume (24H): $202.79B (+93.64%)
BTC Liquidations (24H): $48.84M (Long)/$213.09M (Short)
Long/Short Ratio: 51%/49%
Funding Rate: 0.0536%
Ether Futures Updates
Total ETH Open Interest: $17.94B (+4.75%)
ETH Volume (24H): $83.37B (+38.90%)
ETH Liquidations (24H): $36.62M (Long)/$44.62M (Short)
Long/Short Ratio: 49.43%/50.57%
Funding Rate: 0.0596%
Top 3 OI Surges
COS: $5.03M (+125.70%)
$DEGEN: $3.26M (+124.13%)
CRO: $25.09M (+81.83%)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Panama City Council makes history as the first government institution accepting crypto payments
Share link:In this post: Panama City council voted in favor of becoming the first public institution of government to accept payments in cryptocurrencies. Citizens will now be able to pay taxes, fees, tickets and permits entirely in crypto starting with BTC, ETH, USDC, and USDT. The city partnered with a bank that will receive crypto payments and convert them on the spot to U.S. dollars, allowing for the free flow of crypto in the entire economy.

EnclaveX launch brings fully encrypted, cross-chain futures trading to retail investors
Sui Integrates Babylon’s Bitcoin Staking Protocol and Becomes a BSN
Will Paul Atkins, the New SEC Chair, Change the Regulatory Stance?
Trending news
MoreCrypto prices
More








