Around November 4, the prices of Bitcoin and other mainstream assets suddenly accelerated in volatility, pushing the contract market into a high-pressure state in a short period of time. According to AiCoin data, the total liquidation amount across the network in the past 24 hours was approximately $827 million, with about 112,511 accounts being forcibly liquidated. Among these, short positions accounted for approximately $473 million, while long positions accounted for about $354 million, with shorts making up about 57.2%. Both sides collectively paid the price in the same round of fluctuations. On a shorter time scale, liquidations showed a concentrated release characteristic: $129 million was liquidated across the network within one hour, with liquidations related to Ethereum at about $45.071 million and liquidations related to Bitcoin at approximately $42.080 million. The price volatility combined with leveraged squeezes intensified the clearing chain. In such an environment, the fate of high-leverage accounts appeared to take a clear fork—on one side was a high-leverage long address on a certain chain, holding a total value of about $101 million in BTC, ETH, HYPE, and ZEC, experiencing intra-day fluctuations exceeding $5.78 million, and once nearing liquidation, ultimately achieving a floating profit of about $4.058 million; on the other side was David, Chief Customer Officer of SmartX, whose publicly disclosed total contract position on Binance was about $16.5 million, currently showing a floating loss of about $2 million, mainly due to long positions in BTC, ETH, SOL, BNB, and UNI. Both were under high leverage and severe volatility, yet they experienced entirely different profit and loss curves.
$827 Million Liquidation Panorama in 24 Hours
During this round of severe volatility around November 4, the risk in the contract market was released with extreme density within a single day. According to statistics from multiple market and derivatives monitoring platforms, the total liquidation amount across the network in the past 24 hours was approximately $827 million, with shorts accounting for about $473 million, or about 57.2%, and longs accounting for about $354 million, or approximately 42.8%. Structurally, the main passive exit in this round of market was from those betting on continued price declines, with shorts bearing greater immediate liquidation pressure in a short time frame.
At the same time, around 112,511 accounts were forcibly liquidated, indicating that the risk was not concentrated in a few super-large addresses, but synchronized among traders at the hundred thousand level. The total amount exceeding $800 million, with shorts accounting for over half, and more than 100,000 accounts being swept out within a day collectively formed a macro perspective of the long-short showdown in this round of fluctuation, also indicating that at the moment of rapid price reversal, shorts overly reliant on directional betting were more likely to be directly eliminated by the market in a very short time.
$129 Million Liquidation in One Hour: BTC and ETH Main Battleground
According to AiCoin data, there was one hour during this round of fluctuations that became the node for concentrated risk release: approximately $129 million in contracts were liquidated within just 60 minutes, with shorts liquidated for about $110 million and longs only about $18.6387 million. Compared to the 24-hour dimension where shorts already accounted for more than half, the amount liquidated in that hour was overwhelmingly dominated by shorts, effectively "squeezing out" the previously accumulated high-leverage bearish chips within a short time window of price movement.
In terms of asset distribution, about $45.071 million in liquidations were related to Ethereum contracts and about $42.080 million to Bitcoin contracts, together making up the bulk of known liquidation sizes. Since BTC and ETH already had the largest positions in the contract market, when the market reversed and high leverage concentrated on mainstream assets, the clearance order naturally started with these two varieties. This indicates that in the current volatility cycle, mainstream assets are not only the focus of directional betting but also the primary battleground where leveraged risks are magnified and recovered.
How High-Leverage Longs on the Brink of Liquidation Turned Around
During this volatility cycle, in addition to the passive exit from liquidation accounts, there were also large accounts that completed a "turnaround" on the knife's edge. According to on-chain monitoring, a previously near the liquidation line high-leverage address managed to stabilize itself in the mainstream asset battleground: it had a total long position value of about $101 million on BTC, ETH, HYPE, and ZEC. During the dramatic fluctuations, this set of positions experienced intra-day profit and loss swings exceeding $5.78 million, coming close to being forcefully liquidated, but as prices briefly rebounded, the address ultimately turned from a loss to a profit, currently showing a floating profit of about $4.058 million.
Breaking it down, BTC contributed a floating profit of about $1.754 million, ZEC contributed about $1.245 million, and the remaining gains came from ETH and HYPE. This means that in the same round of market fluctuation, some high-leverage longs were liquidated, while others managed to turn to floating profits through short-term rebounds at nearly the same price range; for high-leverage positions of around $100 million, the path differences often only involved a few percentage points in price orders and timelines, resulting in the stark contrast between liquidation and profit. Such cases remind traders that so-called "turnarounds" under high leverage are more the outcome of survivors in extreme volatility rather than a replicable profit model.
The Other Side of SmartX Executives' Stuck Long Positions
Unlike the previously mentioned high-leverage long with around $100 million surviving severe volatility, during the same time period, SmartX Chief Customer Officer David chose another path—his total contract position on Binance was about $16.5 million, currently showing a floating loss of about $2 million. According to his disclosure, the core exposure of the account was concentrated on long positions in mainstream assets like BTC, ETH, SOL, BNB, and UNI, where BTC and ETH were both perpetual contracts with opening prices roughly around 82,065.73 USDT (BTC) and 2,524.46 USDT (ETH). These two positions, combined with SOL, BNB, and UNI contracts, accounted for more than half of his total positions, indicating that his risk exposure heavily depended on the price performance of several major assets.
From the outcome perspective, accounts characterized by "mainstream asset long + concentrated exposure" faced a fate that sharply contrasted with the aforementioned high-leverage accounts during the same round of volatility: the latter converted an intra-day loss and profit swing of over $5.78 million into around $4.058 million floating profit, while David's $16.5 million position was at a floating loss of about $2 million. The difference did not simply arise from being right or wrong in a single directional judgment, but rather from the combined results of the opening price range, position adjustment rhythm, and asset combination concentration. In this wave of severe market fluctuations around November 4, even among large long accounts, some endured through extreme tremors to gain paper profits, while others found themselves temporarily trapped amid collective pullbacks in mainstream assets.
Risk List After High-Leverage Frenzy
In this round of liquidation tide where $827 million and 112,511 accounts were forcefully cleared within 24 hours, shorts accounted for about $473 million and longs about $354 million, along with the concentrated clearing of $129 million in a single hour (of which shorts were $110 million). Both sides experienced "the same wave of fluctuations, entirely different outcomes": some shorts were liquidated in a chain reaction due to a rapid increase, some longs were cleared in a pullback, and some high-leverage long addresses came close to being liquidated, experiencing intra-day profit and loss swings greater than $5.78 million, ultimately turning into a floating profit of about $4.058 million. Meanwhile, SmartX executive David's publicly disclosed $16.5 million mainstream asset long contract was at a floating loss of about $2 million during the same round of fluctuations. According to AiCoin data, this sample of $100 million-level high-leverage addresses and $10 million-level public large accounts will be a focus for observing risk: firstly, will there be similar liquidation scales exceeding $800 million or even $100 million in a single hour in the future, secondly, will the intra-day profit and loss fluctuations of these large addresses gradually converge from the millions of dollars level, and thirdly, will market participants experience structural changes in the ratio and frequency of leverage utilization after undergoing this round of severe volatility.
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