Crypto market suffers $100m liquidations as Bitcoin dips under $77,000
More than $100m in bullish futures positions were wiped out within an hour on Monday as major tokens experienced sudden price drops.
Key takeaways
- 1More than $100m in long crypto positions were liquidated in 60 minutes on 2 November.
- 2Bitcoin dropped below $77,000 while Ethereum fell under $2,250.
- 3Solana slipped below $95 and XRP dropped under $1.25 during the same hour.
Traders holding bullish futures positions lost more than $100m in a single 60-minute window on 2 November as major digital assets experienced a sudden market-wide sell-off. Watcher Guru reported the rapid unwinding of long bets across derivatives exchanges as prices for several top tokens dropped sharply within the brief trading window.
During the sudden market slump, Bitcoin dropped below the $77,000 level, while Ethereum slipped beneath $2,250, Watcher Guru reported. At the same time, XRP fell under $1.25 and Solana breached the $95 threshold as simultaneous selling pressure affected major tokens across perpetual futures markets.
Bitcoin remains the dominant crypto asset with a market valuation of $1.56tn, while Ethereum holds second place at $280bn and Solana stands at $55.8bn, according to YourKhabri context data. The sudden wave of liquidations occurred shortly after earlier reporting on 2 November showed exchange platform Coinbase expanding its corporate treasury reserves to 18,000 BTC, valued at more than $1.4bn.
Forced liquidations take place when fast-moving price declines trigger automatic position closures on margin trading accounts to cover required collateral thresholds. A wipeout of over $100m in long contracts within one hour illustrates how margin trading amplifies downside price swings, leaving market participants watching to see if spot order books can absorb the sudden supply of sell orders.
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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.