Crypto Markets See $613M Liquidations as Ethereum Slides toward $3,000
On Nov. 13, crypto markets experienced a heavy bout of selling that wiped out more than 160,000 positions in a single day, totaling roughly $613 million in liquidations. Ethereum slipped under its 20-day moving average, triggering stop-loss cascades and margin calls across leveraged derivatives. News that SoftBank sold Nvidia stock added to risk-off sentiment, prompting a broader pullback in risk assets and higher intraday swings.
Technical analysts now warn of rising volatility and weakening support levels for ETH, with key zones vulnerable to a drop toward $3,000 if selling continues. The rapid unwind highlights the exposure of highly leveraged traders and the potential for further contagion into spot and derivatives markets. Traders and risk managers should monitor on-chain flows, funding rates, and liquidity around major support levels for signs of stabilization or a deeper correction.