Four large crypto traders each lost more than $10 million in liquidations as Bitcoin fell below $69,000, part of a broader derivatives selloff that erased more than $1.6 billion across the market in 24 hours.
According to blockchain analytics account Lookonchain, the four wallets combined were liquidated for roughly $143.89 million, with leveraged long positions absorbing most of the damage.
Details of the four liquidations
- A wallet identified as 0x6046 lost exposure to 12,742 ETH, worth about $25.2 million, and 536.89 BTC valued at $38.77 million.
- Address 0x01e2 — which Lookonchain had earlier labeled a "gambler" after six liquidations in 12 hours covering 404.86 BTC ($28.9 million) — had another 511 BTC worth $36.4 million liquidated when the price fell below its November 2021 peak.
- A third wallet lost a 357.09 BTC position valued at just over $25 million.
- Wallet 0x4a20, which took the smallest hit of the group, saw positions in Solana ($9 million), Bitcoin ($5.85 million) and Ethereum ($3.52 million) all liquidated.
Lookonchain also reported a separate whale with two long positions — one of 1,236 BTC worth just over $102 million and another of 15,928 ETH priced at $38.67 million, together exceeding $140 million — that was fully liquidated over the past two days, ending with losses of more than $17 million.
The analytics account further identified an address said to belong to a hacker that sold 1,500 ETH received from Tornado Cash at $1,988, apparently in fear of further price declines.
Broader market pressure
CoinGlass's liquidation tracker recorded approximately $1.64 billion in liquidations within 24 hours. Long positions accounted for $1.46 billion, or 88% of the total, while shorts took nearly $183 million in losses.
Bitcoin traders accounted for $905 million of that figure, with 96% tied to longs. Ethereum recorded $285 million, of which 90% came from bullish positions.
Pressure extended beyond derivatives. Bitcoin saw roughly $671 million in net spot taker selling, and US spot Bitcoin ETFs recorded $47 million in outflows on November 12, according to the report.
CoinGecko data cited in the report showed the overall crypto market cap down nearly 4% as Bitcoin struggled to hold the $69,000 level. Ethereum was trading just above $1,900 at the time of writing, down 5% over 24 hours and almost 13% over seven days.
