November 11, 2026 | Market | By Mr. Coin
Bitcoin faced another round of selling pressure on November 11, 2026, with its price hovering below $74,000. But the price movement was only part of the story. Behind the scenes, leveraged positions in the Bitcoin derivatives market were also being forced to close.
According to market data from Liqwall, approximately $175 million worth of Bitcoin derivatives positions were liquidated over a 24-hour period. About 85% of those liquidations involved long positions, which generally benefit when Bitcoin’s price rises.
The figures highlight an important part of cryptocurrency trading that often receives less attention than price charts: how leverage can amplify losses and how forced liquidations can contribute to market volatility.
Bitcoin Liquidations Reach $175 Million in 24 Hours
Data recorded by Liqwall on November 11, 2026, at 07:42 UTC showed Bitcoin trading at approximately $73,895.
During the preceding 24 hours, the platform recorded around $175 million in liquidated Bitcoin derivatives positions. Long liquidations accounted for approximately $149 million, compared with $26.4 million in short liquidations.
Here is a summary of the market data at the time of observation.
| Market Indicator | Reported Value |
|---|---|
| Bitcoin price | $73,895 |
| Total BTC liquidations (24h) | $175 million |
| Long liquidations | $149 million |
| Short liquidations | $26.4 million |
| Long share of liquidations | 85% |
| Open interest | $29.8 billion |
| Open interest change (24h) | +1.9% |
| Average funding rate (8h) | +0.0098% |
Source: Liqwall, Bitcoin derivatives market data. Snapshot: November 11, 2026, at 07:42 UTC. Figures are rounded and reflect the exchanges tracked by the provider.
The figures show that traders holding leveraged long positions experienced considerably more forced closures than those holding short positions.
Liquidations occurred across several major derivatives trading platforms, including Hyperliquid, Binance, and Bybit.
A separate reading from TRdesk at 07:48 UTC showed approximately $209.3 million in Bitcoin liquidations, with 86.9% coming from long positions. The totals differ because the platforms track different exchange coverage and use their own data collection methods.
Despite the difference in reported totals, both datasets show that long positions accounted for the overwhelming majority of Bitcoin liquidations during the observed period.
There is also an important distinction worth making: $175 million in liquidations does not mean traders collectively lost $175 million in cash.
Liquidation statistics generally represent the notional value of leveraged positions forcibly closed. Actual trading losses depend on entry prices, collateral, fees, and other factors.
Why Were Long Positions Hit Harder?
To understand the numbers, it helps to look at how derivatives trading works.
In a regular spot transaction, someone buys Bitcoin and holds the asset. If the price falls, the market value of that Bitcoin declines, but the asset is not automatically sold simply because its price has dropped.
Leveraged derivatives trading works differently.
A trader can open a position worth considerably more than the collateral they provide. This is made possible through leverage, which increases exposure to price movements.
Consider a simple example.
Suppose a trader deposits $1,000 as initial margin and opens a Bitcoin long position using 10× leverage. The resulting position has a notional value of $10,000.
If Bitcoin’s price falls by 5%, the position would experience an approximate unrealized loss of $500, assuming a linear contract and no change in position size.
That is half of the trader’s initial margin, even though Bitcoin itself has declined by only 5%.
The example does not include trading fees, funding payments, or other costs.
When Does Liquidation Happen?
A liquidation can occur when the available margin is no longer sufficient to maintain an open position under the exchange’s rules.
Exchanges typically calculate liquidation thresholds using factors such as maintenance margin, position size, account equity, and a reference price known as the mark price.
If the account no longer meets the required margin level, the trading platform may automatically reduce or close the position.
This helps explain why leveraged traders can face substantial losses even when the underlying asset experiences a relatively modest price movement.
Importantly, a 5% price decline does not automatically trigger liquidation in the example above. The actual liquidation threshold depends on the contract and the exchange’s margin requirements.
When many leveraged long positions are liquidated during a falling market, forced position closures can add selling pressure to derivatives trading.
In certain conditions, this can intensify an existing price movement.
However, liquidation data alone cannot establish whether forced selling was the primary cause of Bitcoin’s decline. Price movements may also reflect spot trading, changing liquidity, and broader market conditions.
Bitcoin Liquidations Were Already Elevated Earlier in November
The activity observed on November 11 did not appear in isolation.
Historical data from Liqwall shows that Bitcoin derivatives experienced several days of significant liquidation activity earlier in the week.
On November 8, approximately $253 million in Bitcoin positions were liquidated. The figure fell to around $63.3 million on November 9 before rising again to approximately $176 million on November 10.
These figures cover full calendar days measured from 00:00 to 00:00 UTC, rather than the rolling 24-hour period used in the earlier snapshot.
The changes illustrate how liquidation activity can vary considerably from one trading day to another.
A sharp price movement may force the closure of numerous positions, particularly when traders have limited available margin. In quieter periods, fewer positions may reach their liquidation thresholds.
But the total value of liquidations is not determined by price movements alone. Position sizes, leverage levels, collateral arrangements, and market liquidity also matter.
This is why two trading sessions with similar Bitcoin price changes can produce very different liquidation totals.
What Open Interest and Funding Rates Reveal
Liquidation figures provide one perspective on the derivatives market. Two other indicators help provide additional context: open interest and funding rates.
Open Interest Remains Substantial
Open interest measures the number or value of derivatives contracts that remain open and have not yet been closed or settled.
At the observation time, Liqwall reported approximately $29.8 billion in Bitcoin open interest across the markets it tracked, an increase of 1.9% over 24 hours.
This indicates that substantial derivatives exposure remained open despite the recent liquidation activity.
An increase in open interest can accompany new positions entering the market, although changes in contract valuations can also affect figures reported in US dollars.
It does not automatically indicate bullish or bearish sentiment.
Every open derivatives contract has both a long and a short side. Open interest therefore measures outstanding exposure rather than the number of traders expecting prices to rise.
Different data providers may also report different open interest totals because they cover different exchanges, contract types, and calculation methods.
For this reason, comparisons are most useful when they use a consistent provider and methodology.
Funding Rates Remain Positive
Another indicator worth examining is the funding rate.
Perpetual futures contracts do not have a traditional expiration date. Instead, they use a funding mechanism designed to help keep contract prices close to the underlying spot market.
Funding payments are exchanged between long and short position holders.
When the funding rate is positive, long positions generally pay funding to short positions. When the rate is negative, the payment direction is reversed.
At the time of observation, Liqwall reported an average Bitcoin funding rate of approximately +0.0098% per eight hours across its tracked markets.
This means the reported funding rate remained positive even while long positions accounted for most recent liquidations.
The two observations are not necessarily contradictory.
Liquidation statistics describe positions that were forcibly closed during a period, while funding rates reflect pricing and payment conditions in perpetual futures markets.
A positive funding rate should not be treated as evidence that Bitcoin will rise, just as a negative rate does not guarantee a decline.
What Does This Tell Us About the Bitcoin Market?
The latest figures provide a picture of a Bitcoin derivatives market experiencing considerable pressure on leveraged long positions.
Bitcoin was trading below $74,000 at the observation time, and a substantial amount of derivatives exposure had been forcibly closed during the preceding 24 hours.
At the same time, open interest remained significant, suggesting that derivatives activity continued even after the liquidation events.
These indicators describe different aspects of the same market.
Liquidations reveal where leveraged positions encountered financial pressure. Open interest shows how much derivatives exposure remains outstanding. Funding rates help explain the pricing conditions affecting perpetual futures.
None of these indicators, taken alone, can reliably determine Bitcoin’s next price movement.
They are more useful for understanding the structure of trading activity and the risks that may emerge when leverage is widely used.
The November 11 data also offers a reminder that Bitcoin’s market dynamics extend beyond ordinary buying and selling on spot exchanges.
Derivatives trading has its own mechanisms, and those mechanisms can influence how market volatility develops.
For readers following cryptocurrency markets, understanding those differences provides a clearer picture of what may be happening behind the daily price changes.
Understanding Bitcoin Markets: A Few Useful Terms
Bitcoin derivatives reports often contain terminology that is unfamiliar to readers who primarily follow spot prices. Here are four concepts worth knowing.
1. Notional Value
Notional value refers to the total value of a derivatives position based on its underlying exposure.
A trader might provide $1,000 in collateral while controlling a position worth $10,000. The position’s notional value is $10,000, not the $1,000 initially deposited.
This distinction is important when interpreting liquidation statistics.
2. Maintenance Margin
Maintenance margin is the minimum amount of equity required to keep a leveraged position open.
The requirement varies depending on the exchange, contract, and position size. If an account falls below the applicable threshold, liquidation procedures may begin.
3. Mark Price
The mark price is a reference price used by many derivatives platforms to calculate unrealized profit and loss and determine liquidation conditions.
It is designed to reduce the impact of temporary price spikes or unusual trades on an individual exchange.
4. Perpetual Futures
Perpetual futures are derivatives contracts without a fixed expiration date.
Unlike traditional futures contracts that expire on a specified date, perpetual contracts can remain open as long as the trader meets the relevant margin and other requirements.
Funding payments help keep perpetual contract prices aligned with the underlying spot market.
Sources and References
- Liqwall — Bitcoin Liquidations, Open Interest and Funding Rates — Primary source for Bitcoin derivatives market figures and historical liquidation activity.
- TRdesk — Bitcoin Liquidations — Independent comparison of Bitcoin long and short liquidation activity across tracked exchanges.
- CoinGlass — Bitcoin Futures Market Data — Additional derivatives market indicators, including open interest, funding rates, and liquidations.
- Binance — Futures Liquidation Protocols — Technical explanation of mark price, maintenance margin, and liquidation mechanisms.
- Coinbase — Understanding Perpetual Futures Funding Rates — Explanation of funding payments between long and short positions.
Data note: Market statistics were reviewed on November 11, 2026. The primary Liqwall snapshot was recorded at 07:42 UTC. Rolling 24-hour liquidation figures are different from calendar-day totals, which follow UTC. Values may differ across data providers due to exchange coverage, reporting delays, and calculation methods. Market data is subject to change.
Disclaimer: This article is intended for informational and educational purposes only and does not constitute financial or investment advice. Cryptocurrency trading, particularly leveraged derivatives trading, involves substantial financial risk.
