Crypto market sees $613.36 million in leveraged positions liquidated over 24 hours

Crypto derivatives markets saw $613.36 million in leveraged positions liquidated over the past 24 hours, with short liquidations accounting for 72.71% of the total at $445.98 million versus $167.38 million in long liquidations, according to CoinGlass data as of November 5, 2026. The short squeeze coincided with a 3.40% rise in Bitcoin to $80,559 and a 5.83% gain in Ethereum to $2,428, indicating that bearish traders were forced to cover as prices climbed. The skew toward short liquidations signals that positioning had leaned heavily bearish before the move, amplifying upward momentum as stops were triggered. Traders will now watch whether BTC holds above the $80,000 level and whether funding rates and open interest reset enough to reduce the risk of further volatility.