More than $1 billion in leveraged crypto positions were liquidated as Bitcoin, Ethereum, XRP, and Solana all fell below key price levels. A widely shared market post put the wipeout at $1 billion in just 10 minutes, while broader derivatives data showed over $1.05 billion liquidated in the 24 hours leading up to November 6, 2026.
The trigger was not a hack, a collapsed exchange, or a rogue tweet. It came from Wall Street, where a sharp selloff in US tech and AI stocks dragged crypto down with it.
How the selloff unfolded
Bitcoin hit an intraday low of $74,780.91 on November 6, marking its weakest intraday level since August 21. The largest cryptocurrency fell nearly 6% during the episode. Ethereum slid more than 7% to about $2,247. XRP and Solana also broke below critical support levels.
Long positions accounted for approximately $930 million of the total liquidations, or 88.2%. Bitcoin positions accounted for around $267 million in liquidations during the key session. Ethereum followed with approximately $167 million, and XRP and Solana added further losses. Nearly 211,000 traders were hit, with most of the damage landing on major exchanges like Binance.
Why leverage turns a dip into a cascade
When a trader borrows to amplify a bet and the price moves against them, the exchange automatically closes the position once collateral runs thin. That forced closure is a liquidation. Liquidating a long position means selling, which pushes prices lower, triggering the next batch of liquidations and more selling. That chain reaction is how a market can shed $1 billion in leveraged bets in a matter of minutes.
The Wall Street connection
The Nasdaq Composite fell 5.5% amid turmoil across AI and chip stocks. Escalating worries about the AI sector’s growth prospects collided with uncertainty in the post-midterm election landscape. Bitcoin ETFs added to the pressure, with the selloff coinciding with hefty outflows from the funds.
Sentiment followed price. The Fear & Greed Index slipped into “fear” territory, resetting the bullish tone that had been building.
What this means for traders and investors
The most immediate takeaway is about leverage, not direction. A nearly 6% move in Bitcoin is unremarkable by crypto standards. The lopsided 88.2% share of long liquidations suggests the market was crowded on one side heading into the drop.
The bigger story for investors is correlation. Crypto’s fate this week was decided largely by what happened to AI and chip stocks, not by anything happening on a blockchain.
