Around November 5, 2026, the global cryptocurrency contract market experienced a large-scale concentration of liquidations dominated by long positions in a very short period. In the past 4 hours, the total liquidation amount across the network was approximately $513 million, with long positions accounting for about $485 million and short positions only around $28.33 million, indicating an almost one-sided leverage direction. In the latest 1 hour, the liquidation amount remained as high as about $305 million, with long positions about $287 million and short positions about $17.52 million, showing that the liquidations sharply intensified in a short time frame. From the perspective of asset structure, the risk was significantly concentrated in mainstream assets: in the past hour, Bitcoin and Ethereum saw liquidations of approximately $89.01 million and $43.80 million respectively; over the past 4 hours, this expanded to about $154 million and $82.17 million. Additionally, the cumulative liquidation of Ethereum contracts in the past 24 hours was approximately $121 million. About 130,290 people were liquidated across the network, with the largest single liquidation occurring in the HYPERLIQUID-XYZ:MU-USD trading pair, valued at approximately $6.6158 million, forming a chain of liquidations from extensive leverage accumulation to rapid “liquidation of long positions” in a short period.
One Hour Liquidation of $305 Million: Long Positions Instantly Swept Away
At the tail end of the previous 4-hour liquidation wave, the data from the latest hour further compressed the pace of risk release. Odaily cited statistics from CoinGlass indicating that in the past hour, the total liquidation amount across the network was about $305 million, with long positions approximately $287 million and short positions about $17.52 million, with longs accounting for nearly 94%. This was no longer a conventional "long-short contest," but rather a typical "massive liquidation of long positions." Within the same time window, Bitcoin contracts saw liquidations of about $89.01 million and Ethereum about $43.80 million, together making up a significant proportion of the total liquidation amount in that hour, while the remaining liquidations were scattered among other coins and various platforms, presenting a concentrated pressure pattern with mainstream assets at the center and peripheral assets simultaneously expanding.
The high proportion of 94% long positions indicates that this rapid killing was not a price rebalancing under balanced long-short forces, but rather a collective stampede occurring on a highly unified leverage direction. When mainstream cryptocurrency positions overwhelmingly leaned towards long positions and faced sudden volatility in a short timeframe, passive liquidations directly compounded to create additional selling pressure, further dragging down the contract target price, which in turn triggered the next batch of forced liquidation of long positions, forming a chain of "long liquidating long." From the composition of the liquidations in that hour, the risk was not randomly distributed across various strategies but rather stacked heavily on the same side of leveraged longs, which left the entire contract market with almost no buffer space when crowded on one side, revealing its structural fragility swiftly.
Four Hours Amplifying to $513 Million: Formation of Chain Liquidations
If we extend the timeline from a single hour to the recent four hours, the extent of risk amplification becomes even more intuitive: the total liquidation amount across the network has accumulated to about $513 million, with long positions around $485 million and short positions only about $28.33 million, with longs comprising about 94.5%. Compared to the recent $305 million liquidation in the last hour, the 4-hour window is not a simple linear addition but rather a continuous accumulation and concentrated release in a short time, indicating that the market has been in a state of high pressure with long positions being passively cleared for several hours.
In terms of asset structure, the main battleground for this round of chain liquidations remained concentrated on the top assets: in the past four hours, Bitcoin-related contracts saw liquidations of approximately $154 million and Ethereum about $82.17 million, with both representing proportions in the total volume that could rapidly amplify each price fluctuation into a systemic leverage squeeze. First, a batch of high-leverage longs triggered forced liquidations in localized time periods, forming the first wave of selling pressure, and subsequently, further price dips continued to breach more long position margin safety lines, resulting in the liquidation amount for longs within four hours rising from the $305 million level to the $513 million level, thus forming the rhythm of chain liquidations of “long killing long” and exposing the high vulnerability of the current contract market to crowding of long positions.
BTC and ETH as Heavy Casualties: Mainstream Contract Risks Concurrently Released
From the perspective of asset distribution, this round of chain liquidations almost unfolded around the two major assets, BTC and ETH. In the past hour, approximately $305 million liquidated across the network, with Bitcoin contracts undergoing liquidations of about $89.01 million and Ethereum about $43.80 million, together accounting for roughly 40% of the total liquidation scale across the network, indicating that the short-term forced liquidation pressure first concentrated on the mainstream contracts with the most abundant liquidity and the densest leverage participation. Extending to a 4-hour window, the total liquidation across the network approximated $513 million, with Bitcoin liquidated around $154 million and Ethereum approximately $82.17 million, with the total nearing $236 million, further increasing the proportion to nearly half, directly revealing the role of mainstream assets as the “core震源” in the liquidation chain.
Longer-term data on ETH shows that risk does not generate instantaneously, but rather accumulates continuously on mainstream contracts before being concentratedly released. PANews cited CoinGlass stating that in the past 24 hours, the total liquidation amount of Ethereum contracts was approximately $121 million, with a considerable portion being magnified in the latest 4-hour period, indicating that high-leverage long positions had been piling up on ETH and simultaneously stepping on each other in a short time. BTC and ETH’s liquidation amounts in the 1-hour and 4-hour windows were significantly higher than other models, this event is not a marginal risk of “small coins collapsing first, with mainstream following” but a leverage squeeze occurring directly on the largest trading volumes and serving as the pricing and staking basis of the entire market, the current systemic vulnerability within the contract market is precisely being revealed first in these seemingly “safest” large-cap varieties.
130,000 Accounts and Ten Million Level Liquidations: The Collective Cost of Leverage Participants
Returning from the asset side to the account side, this concentrated liquidation story is no longer just about "a few large orders." Deep Tide TechFlow cited CoinGlass data reporting that in the last 24 hours, about 130,290 accounts were liquidated across the network, far exceeding the normal forced liquidation levels under daily fluctuations. In other words, different scales of leverage participants were forced to exit within the same time window, with margin systematically devoured and contract positions uniformly turned into forced transactions, this widespread coverage itself is direct evidence of the current imbalance in the leverage structure. Liquidation is no longer limited to individual varieties or platforms, but rather through a unified liquidation logic, converting the accumulated high-leverage long risks over time into substantial account losses within a short cycle.
Behind these 130,000 liquidated accounts, the risk is not averaged out. The largest single liquidation order occurred on the HYPERLIQUID XYZ:MU-USD trading pair, with PANews citing CoinGlass data reporting a liquidation value of around $6.6158 million, indicating that a single large leverage position exposed its capital risk nearing the ten million dollar level amid fluctuations. More importantly, these liquidations did not only occur in mainstream assets like BTC and ETH, but also extended to specific derivative trading pairs on platforms like HYPERLIQUID, indicating that leverage risks have permeated broader market structures through various innovative products and cross-platform configurations. When liquidations sharply accelerated in the 1-hour and 4-hour windows, whether concentrated on mainstream contracts with large-long positions or lurking high-leverage positions in niche derivatives, all were ultimately locked in as loss outcomes by the same mechanical forced liquidation rules.
The Warning from Rapid Cycle Liquidations: Leverage Structure Sounds Alarm
Looking back at the time and directional structure, the core features of this event are very clear: within 4 hours, about $513 million in contracts were liquidated across the network, with about $485 million being long positions; the latest 1-hour window saw approximately $305 million liquidated, with long positions around $287 million, with the ratio of longs exceeding 94% in both short cycles, and the liquidation pressure highly concentrated on the leveraged longs in mainstream directions. BTC and ETH bore the brunt during this process—as over the past 4 hours the total liquidations for the two have reached several hundred million, with Ethereum's cumulative liquidations within a full 24 hours also totaling approximately $121 million, while around 130,290 individuals were liquidated during the same period, with the largest single loss around $6.6158 million, indicating that the risk is not confined to a few high-leverage accounts, but penetrates to a broad array of participants with diverse platforms and contract structures. More importantly, in the absence of verified specific price volatility data and external macro-triggering factors, this round of “short cycle, massive liquidation of longs” avoids a narrative of post-event attribution and instead points to a more structural conclusion based on visible liquidation amounts, directional ratios, and participant scales: when the market accumulates a high proportion of leveraged longs on mainstream contracts for an extended period, even in the absence of a clear identifiable single catalyst, automated forced liquidations in a short timeframe can magnify accumulated vulnerabilities into systemic losses, and this itself is a clear signal that the current leverage structure is already in a fragile state.
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