On November 9th, Bijie.com reported that the cryptocurrency market experienced significant volatility in the past 24 hours. Data from the Bitcoin liquidation map shows that total liquidations across the network reached $241 million, affecting 133,000 investors. According to Bijie.com data, long positions were liquidated for $162 million, and short positions for $78.9228 million. The largest single liquidation occurred on the Binance ETHUSDT trading pair, worth $2.156 million. XBIT decentralized exchange’s real-time monitoring system recorded the entire process of this market anomaly, providing investors with crucial risk warning signals.
Cre: Twitter: XBITDEX
Bitcoin Liquidation Wave After Breaking $100,000
At 4:19 AM UTC on November 9, 2025, the price of Bitcoin broke through the $102,000 USDT mark, currently trading at $102,059.398438 USDT, with the 24-hour decline narrowing to 0.56%. While the price appears relatively stable, the BTC liquidation map reveals significant internal market volatility.
According to Coinglass data, if Ethereum falls below $3,300, the cumulative long liquidation intensity on major centralized exchanges will reach $595 million; conversely, if Ethereum breaks through $3,500, the cumulative short liquidation intensity on major exchanges will reach $980 million. It’s worth noting that the BTC liquidation map doesn’t display the exact number of contracts awaiting liquidation or the exact value of liquidated contracts, but rather presents the market structure through the relative strength of liquidation clusters.
The bars on the liquidation map represent the importance of each liquidation cluster relative to its neighboring clusters, i.e., its strength. Therefore, the BTC liquidation map shows the extent to which a price level is affected. A higher “liquidation bar” indicates a stronger price reaction due to liquidity surges. The technical team at the XBIT decentralized on-chain trading platform points out that this visualization tool of liquidation intensity is crucial for understanding market microstructure.
Specifically, data from the BTC liquidation map shows that long positions accounted for 67% of liquidations, meaning that long positions suffered greater losses in this round of market volatility. According to CoinWorld, Bitcoin ETFs saw outflows of approximately $2.3 billion, marking the largest drop since May 2025, further confirming the bearish sentiment reflected in the BTC liquidation map.
Cre: Twitter: XBITDEX
The Correlation Between Institutional Fund Flows and the Liquidation Map
The large-scale outflow from Bitcoin ETFs is a significant background factor for the dense liquidation clusters appearing on the BTC liquidation map. Data from CoinWorld shows that Bitcoin fell 8% this week, with ETF investors selling 19,000 Bitcoins over six consecutive days, a clear bearish signal. This institutional withdrawal directly led to increased selling pressure in the spot market, triggering a chain reaction of liquidations in the futures market.
XBIT platform monitoring revealed that in this wave of liquidations, 604 Bitcoins, worth approximately $61.6 million, were transferred from the Kraken exchange to an unknown wallet address. The Winklevoss twins also transferred 250 Bitcoins to the Gemini hot wallet; if all of these were sold, they have sold over 9,000 Bitcoins from custodial wallets this year, worth $900 million. These large transfers are reflected on the BTC liquidation map as increased liquidation intensity in key price ranges.
More noteworthy is the continued cashing out by OG holders who have held Bitcoin for seven years or more. According to CoinWorld.com, data shared by Charles Edwards, co-founder of Capriole Investments, on the X platform shows that the sell-off by Bitcoin whales began in November 2024 and intensified in 2025. In the chart, orange represents a sell-off of $100 million, and red represents a sell-off of $500 million. This reduction in holdings by long-term holders provides a fundamental explanation for the liquidation pressure on the BTC liquidation map.
Cre: Twitter: XBITDEX
The Impact of Macroeconomic Policies on the Liquidation Map
Expectations regarding the Federal Reserve’s monetary policy are a significant macroeconomic factor influencing the shape of the BTC liquidation map. According to CoinJie.com, Goldman Sachs predicts the Fed will cut interest rates again in December and continue with two more cuts in 2026, ultimately bringing rates close to the 3% to 3.25% range. Theoretically, expectations of rate cuts should benefit risk assets, but the current dense clusters of liquidations on the BTC liquidation map indicate a less than optimistic market reaction to this expectation.
This contradictory phenomenon may be related to disagreements in the market regarding the timing and magnitude of rate cuts. CoinJie.com data shows that total trading volume on decentralized exchanges reached $16 billion in the past 24 hours, indicating that market activity has not significantly decreased due to the liquidation wave. Data from the XBIT decentralized exchange also confirms that trading volume on the platform actually surged briefly during peak liquidation periods, reflecting some investors attempting to hedge against liquidation risk through rapid trading.
A historical comparison of the BTC liquidation map shows that the current distribution of liquidation intensity is similar to the market adjustment period in May 2025. According to Coinbase, a report characterizes the October market sell-off as a healthy correction, arguing that it cleared out excessive leverage while fundamentals remain solid, and institutional funds have begun to flow back in. However, the high-density liquidation clusters still visible on the BTC liquidation map suggest that the market deleveraging process is not yet complete.
Cross-validation of Technical Indicators and the Liquidation Map
The BTC liquidation map needs to be combined with other technical indicators to maximize its effectiveness. Data from Bijie.com shows that Bitcoin’s MVRV ratio is 1.8, indicating that its valuation is low and there are potential buying opportunities. The surge in the miner holdings index reflects a recovery in market confidence, rather than a panic sell-off. The 8% decrease in the NVT ratio indicates improving network activity and transaction health, while the 33% increase in the stock-to-flow ratio further highlights Bitcoin’s scarcity before the halving.
Looking at the price distribution of the BTC liquidation map, the key support level is currently at $100,386, and the resistance level is at $104,351. Bijie.com data shows that the recent high was $104,584.76 and the low was $100,411.89. This price range coincides closely with the dense liquidation cluster area shown on the BTC liquidation map, indicating that leveraged positions are highly concentrated in this range.
It is worth noting that the BTC liquidation map also reveals differences in liquidation intensity across different exchanges. According to Bijie.com, Binance experienced its largest single liquidation, which is related to the platform’s high leverage and liquidity. XBIT, as a decentralized exchange, has a fundamentally different liquidation mechanism from centralized exchanges. Its automated market maker model can smooth out price shocks during the liquidation process to some extent.
Looking ahead, the liquidation pressure shown on the BTC liquidation map is still being released. XBIT advises investors to reasonably control their leverage ratio and set appropriate stop-loss levels based on the liquidation intensity information provided by the BTC liquidation map to avoid unnecessary losses during market volatility.
