Binance Leads Long Liquidations as Bitcoin Drops Ahead of U.S. Shutdown Vote
Binance saw the biggest single-day wave of long liquidations on November 12 after Bitcoin briefly fell under $103,000, according to market reports. The move came as investors and traders positioned for a decisive U.S. congressional vote to avoid a government shutdown, and margin calls on heavily leveraged longs amplified the downward move. Derivatives venues led the unwind, with Binance particularly affected given its market share in futures trading. The episode matters because it underscores how macro political events can quickly translate into outsized volatility when leverage is high. Forced de-risking on one exchange can cascade to others and push funding rates and short-term price action; traders should monitor liquidity, open interest and the outcome of the vote for the next directional cue. While one liquidation wave doesn’t determine long-term trend, it highlights ongoing sensitivity to external shocks in the crypto market.