With Bitcoin trading above $80,000, shorts accounted for most of the liquidation value over the past 24 hours. CoinGlass’s November 5 snapshot at 12:04 UTC showed longs leading liquidations over the last four hours.
Short positions, which benefit from a price decline, accounted for most of the value of Bitcoin positions forcibly closed over the past 24 hours. CoinGlass’s Bitcoin liquidation data at 12:04 UTC on November 5 showed a total of $259.08 million. Shorts accounted for $241.46 million, or 93.2%, while longs made up $17.63 million.
The provider’s separate Bitcoin price screen showed $80,220.10 at 12:06 UTC, up 2.5% over 24 hours. A short incurs a loss from the price difference when Bitcoin rises above its entry level. The two screens do not establish how much of the rise came from forced closures.
Which positions accounted for the liquidations?
A short gains value when price falls, while a long gains when it rises. Traders can use either for a directional bet or to offset risk elsewhere in their holdings. Leverage allows a position to exceed the collateral the trader sets aside. If the price moves against the position and collateral falls below the required level, the platform may close part or all of it. Liquidation records cover forced closures; voluntary exits are excluded.
Among crypto exchanges and derivatives platforms, Binance led the same 24-hour Bitcoin total with $108.19 million, followed by Hyperliquid at $53.04 million and Gate at $42.82 million. The percentages below are each venue’s share of the Bitcoin liquidations tracked by CoinGlass, not its share of trading volume.
| Platform | Liquidation value | Share of total |
|---|---|---|
| Binance | 108.19 | 41.76% |
| Hyperliquid | 53.04 | 20.47% |
| Gate | 42.82 | 16.53% |
| Bybit | 23.61 | 9.11% |
| OKX | 13.56 | 5.24% |
Long liquidation value was higher over the most recent hours. On the same screen, longs accounted for $330,040 of the $360,220 liquidated over four hours, against $30,180 in shorts. Over one hour, the $103,710 total included $98,450 in longs and $5,260 in shorts. The one-hour and four-hour totals show that shorts did not lead liquidation value throughout the entire 24-hour period.
The rolling 24-hour total does not reset at midnight. As the screen updates, older records leave the window and new ones enter. The one-hour and four-hour periods sit within that window and should not be added to its total. Rounded table entries can also produce small differences when summed.
Position value differs from investor losses
The $259.08 million is the total value of positions closed. CoinGlass does not break out each investor’s collateral or realized net loss in that total. Calculating net losses would require each position’s leverage, entry and execution prices, additional collateral and fees. It is not a measure of cash withdrawn from the market either.
Each contract’s rules specify which account balances the platform can use as collateral. With isolated margin, only the collateral set aside for that position is used. With cross margin, the platform can use eligible shared collateral in the account for several positions. The same price move therefore does not liquidate every account at the same level.
Many derivatives platforms calculate unrealized profit and loss and liquidation thresholds using a reference price separate from the last traded price. The mark price described in CoinGlass’s explanation can combine a spot-price index with the futures price’s difference from that index. Each product can have different pricing and margin rules. A single price chart therefore cannot show when every account will be liquidated.
In its data-source notes, CoinGlass says it uses public channels and official exchange APIs, which supply data to software. Limits introduced by Binance in April 2021 and OKX in September 2021 mean CoinGlass may receive at most one liquidation update per second during busy periods. Delays and feed limits can leave records out of CoinGlass’s totals. The screen is therefore not an exhaustive count of every forced closure worldwide.
A separate observation on spot buying
CoinGlass wrote “Spot buying is real” in a November 4 post. Its chart compares cumulative volume differences in spot and futures markets, and the post also quotes an earlier update. That observation covers a different period from the November 5 liquidation snapshot at 12:04 UTC.
CoinGlass’s November 4 assessment of spot buying and its comparison chart.
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Aggressive buyers accept existing sell offers, while aggressive sellers accept existing buy bids. Cumulative volume delta (CVD) adds up the difference between the volume of those buys and sells over a chosen period. CoinGlass explains that the source data and calculation window affect the result. Some methods estimate buying and selling volume from the direction of shorter price bars. CVD does not measure net cash deposited on or withdrawn from an exchange.
The post does not identify the buyers or establish where prices will go next. The liquidation screen records forced closures that have occurred; it is distinct from a liquidation map that estimates where positions might be closed in the future.
