Crypto Carnage: $470M Liquidated as Altcoins Plunge Over 5% in Brutal 24-Hour Selloff

Digital assets face massive liquidation storm as market turns blood red

The Great Unwinding

Nearly half a billion dollars evaporated from crypto markets in a single day as altcoins led the charge downward. Major alternative cryptocurrencies saw declines exceeding 5% across the board, triggering cascading liquidations that wiped out leveraged positions at an alarming rate.

Leverage Meets Reality

Margin calls hit traders holding overextended positions, with the $470 million liquidation figure representing one of the largest single-day flushouts in recent memory. The market's violent moves exposed the fragility of excessive leverage during periods of heightened volatility.

Altcoin Avalanche

While Bitcoin showed relative stability, alternative digital assets bore the brunt of the selling pressure. The 5%+ decline across major altcoins demonstrated their continued sensitivity to market sentiment shifts and liquidity conditions.

Just another Tuesday in crypto—where fortunes disappear faster than a trader's confidence after checking their portfolio. The only thing more volatile than the prices might be the blood pressure of over-leveraged degens watching their life savings evaporate in real-time.

24-hour liquidation reaches $470 million 

CoinGlass data shows that the 24 hour liquidation in crypto markets wiped out over $470 million, with ETH alone contributing nearly $112 million, followed by BTC, SOL, ASTER, and DOGE. Binance is in the leading position of liquidating traders among all other exchanges, cutting $140 million from all long/short combined, while Bybit clutched closely with $110 million. 

Hyperliquid is sitting among top platforms in market liquidations, contributing $101 million to the total. This shows the perpetual DEX’s increasing popularity among a growing userbase, echoing shrinking trust in centralized exchanges. 

Volatility ahead of Monday market opening

The weekly market opening on Monday in the U.S. usually brings volatility into cryptocurrencies, which most of the times witnesses downtrend. While most of the narratives have cooled down and investors are not anticipating any key events this week, the sell-off is likely due to short-term traders rethinking their strategies and exiting the market. 

The diminishing open interest (OI) in bitcoin futures, as per Coinglass data, shows that traders are cutting their risks to the market and are on line to reposition themselves as new narrative hits the market. 

Adding to the fuel is an upcoming Fed speech on Tuesday, November 4, where Governor Lisa D. Cook will be speaking on the “The Outlook for the Economy and Monetary Policy” session. Moreover, the Federal Open Market Committee (FOMC), scheduled to meet on November 6–7, WOULD also be influential for crypto markets, stocks, as well as the global economy. 

Also Read: Aster Price Jumps 30% as CZ Confirms $2M Token Purchase