Bitcoin Bulls Lose $1.1 Billion In Market Sell-Off

Over $1.1 billion in bullish positions were destroyed during the crypto market crash, but their disappearance did not trigger a real rebound. The main problem is no longer just excess leverage: spot purchases and institutional flows remain too weak to regain control of the market. Bitcoin traded around $76,100 on the morning of November 6, down more than 5% over twenty-four hours. Indeed, altcoins faced even greater pressure. The drop was amplified by leveraged contracts. Of the $1.27 billion in automatically closed crypto positions, over $1.1 billion came from bullish bets that became undercollateralized. Carlos Guzman, Vice President of Research at GSR, describes the movement as “a pullback in risk appetite amplified by leverage” .

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