Bitcoin plunged nearly 5% in a shocking turn of events during Sunday trading, dropping from around $91,500 to $86,950. This abrupt decline triggered a staggering $539 million in liquidations across various crypto exchanges, leaving many traders scrambling.
The sharp selloff marked Bitcoin’s worst November performance since 2018, with the asset ending the month down 17.49%, echoing concerns that the current market conditions are mirroring past downturns.
In total, over 180,000 traders faced liquidations within a 24-hour period, with nearly 90% of these being long positions primarily held in Bitcoin and Ethereum. The total liquidations across major exchanges, including Binance, Hyperliquid, and Bybit, reached a staggering $646 million, highlighting the cascading effect of this market movement.
The largest single liquidation observed was a $14.48 million ETH-USDC order on Binance, as Ethereum itself witnessed a decline of more than 6%, dropping to the $2,815 mark during the same crisis.
November’s Dismal Performance
As the calendar rolled over to December, Bitcoin’s performance was a stark reminder of the volatility in the crypto market. November 2025 concluded with a 17.49% loss, making it Bitcoin’s worst November in several years, a far cry from the more favorable conditions traders may have hoped for.
This latest decline followed Bitcoin’s first positive weekly close in four weeks, as the market appeared to stabilize after a lengthy downturn. However, historical patterns reveal that Friday nights and Sunday evenings are often sites of dramatic market shifts, a trend that seems to have once again played a significant role.
The surge in selling volume and the liquidation of leveraged positions created a ripple effect that amplified the downturn. As exchanges scrambled to close traders’ positions due to insufficient margin, the speed of the crash became a defining feature of this latest market turmoil.
Altcoins Also Take a Hit
The impact of Bitcoin’s crash rippled through the altcoin market as well. Notable cryptocurrencies such as Solana, XRP, BNB, and Dogecoin all experienced drops between 4% and 7%, while others like Cardano and Lido Staked Ether faced even steeper declines.
Observers noted that thin liquidity and weakened weekend trading volumes contributed to the severity of the price movement, leading many to rethink their strategies in this turbulent environment.
Market Dynamics and Future Outlook
In the aftermath of the liquidation wave, a notable decline in open interest for BTC and ETH perpetual contracts was observed, indicating that the leverage built up during October’s rise is now being unwound.
Market analysts highlight that Bitcoin’s recent rejection from the $92,000-$93,000 resistance level has created a precarious situation for traders. Currently, Bitcoin needs to reclaim the $88,000-$89,000 range to restore some semblance of stability; otherwise, further declines may loom on the horizon.
As the crypto community assesses the damage, it’s clear that the recent surge in forced liquidations reflects patterns seen across earlier downturns in 2025. Long positions that accumulated near resistance levels combined with shifting funding rates are resulting in forced selling and substantial price drops.
Moving ahead, market participants express that risk appetite remains fragile, with expectations for elevated intraday volatility until liquidity improves. As for Bitcoin, traders are left awaiting signals that could indicate a potential recovery or further decline as we move further into December.
