Crypto Markets Today: Bitcoin Breaches $98K as Liquidations Top $1.1B
A sudden liquidity squeeze rattled digital asset markets on Friday, pushing prices sharply lower. Bitcoin fell below $98,000 as liquidations surged past $1.1 billion, marking one of the most turbulent sessions of the week. About half of the wiped-out positions were linked to BTC, highlighting the vulnerability of even the largest cryptocurrency during periods of intense market stress. Traders faced rapid losses as leveraged positions were forced to close, adding fuel to the sharp declines.
Altcoins suffered even heavier losses, with selling pressure cascading across thinner order books. The lack of market depth amplified the downturn, causing widespread panic and accelerated liquidations. This event underscores the high-risk environment in crypto markets, where sudden moves can trigger cascading effects across both major coins and smaller digital assets.
Market Snapshot: Prices, Liquidations, and Volatility
Bitcoin fell through the $98,000 support area and briefly traded near $97,000, setting the tone for broad crypto weakness. Data providers tracked over $1.1 billion in derivatives liquidations during the 24 hours into Friday, highlighting how leverage amplified moves in a low-liquidity environment.
The CoinDesk 20 slipped around 8%, with ETH down ~9% on the day and several majors posting double-digit declines. Meanwhile, 30-day implied volatility (BVIV) spiked toward 50% before easing, suggesting traders bought downside protection but avoided full-blown panic. CoinDesk
Bitcoin breaches $98K as liquidations top $1.1B drivers and dynamics
Positioning & leverage:
Forced unwinds concentrated in BTC pairs but spilled over to altcoins where order books are thinner.
Cross-asset backdrop:
The downdraft coincided with a broader risk-off impulse in equities futures.
Volatility
BVIV’s jump near 50% and subsequent pullback signaled a swift repricing of risk rather than persistent panic.
Altcoins Under Pressure; Privacy Coins Diverge
ETH slid about 9% over 24 hours; AAVE, JUP, SUI and others logged larger drops. In a notable divergence, Zcash (ZEC) extended a powerful multi-month rally (reports cite ~1,000% since August), with Monero (XMR) also firmer on the day.
Derivatives Positioning and Options Flow
Open interest in BTC futures was broadly flat while ETH, SOL, XRP, SUI, ADA, LINK, UNI saw OI decline by >5%, indicating capital outflows. On CME, the ETH futures basis compressed to near 4.3%, its lowest since April, while BTC remained above 5%, reflecting relatively stronger BTC demand. On Deribit, flows skewed to puts, including spreads and risk-reversals.
Reading the tape Bitcoin breaches $98K as liquidations top $1.1B
Scope of liquidations
~Half in BTC, remainder across majors and long-tail alts.
Heatmap context
Liquidation clusters appeared near recently defended support zones, compounding slippage.
Basis & OI
Softer ETH basis vs. BTC underscores rotation toward BTC despite BTC’s headline drop.
Context & Analysis
The pattern swift spot drop, leverage flush, IV spike then fade resembles prior crypto de-risking episodes. The relative resilience of BTC basis vs. ETH hints at a quality rotation during stress, while privacy-coin strength (ZEC/XMR) may reflect idiosyncratic narratives and limited float. Sustained risk trends will hinge on macro catalysts and liquidity conditions across centralized venues.
Outlook
Friday’s sharp move forced a reset in positioning across major cryptocurrencies. With liquidity still thin, the market remains vulnerable to aftershocks, and sudden swings could continue to test traders’ risk tolerance in the near term.
However, if volatility stabilizes and basis levels normalize, selective dip-buying may emerge. Investors are likely to favor Bitcoin over higher-beta altcoins, as confidence gradually rebuilds. The market could see cautious accumulation in BTC first, while smaller digital assets may lag until broader sentiment strengthens, highlighting a period of selective recovery rather than uniform upside.
FAQs
Q : What caused the latest crypto sell-off?
A : A sharp liquidity gap and concentrated leverage prompted forced unwinds across derivatives, accelerating spot declines.
Q : How much was liquidated?
A : Over $1.1 billion across crypto derivatives within 24 hours into Friday.
Q : Which assets were hit hardest?
A : Altcoins broadly underperformed; ETH fell ~9% with several tokens posting double-digit losses.
Q : Did any tokens rally?
A : Yes. Zcash and Monero showed strength; ZEC has surged dramatically since August.
Q : What is BVIV and why does it matter?
A : BVIV is a 30-day implied volatility index for BTC; a spike near 50% signaled stress that later eased.
Q : Where can I monitor liquidations in real time?
A : Platforms like CoinGlass provide dashboards of live liquidation data.
Q : Is this a trend reversal?
A : Too early to tell; watch volatility, basis, and liquidity conditions for confirmation.
Facts
Event
Broad crypto sell-off with large-scale derivatives liquidations
Date/Time
2025-11-14T19:00:00+05:00
Entities
Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC), Monero (XMR), Deribit, CME, CoinDesk 20
Figures
BTC <$98,000; ~$1.1B liquidations (24h); ETH −~9%; BVIV ~50% intraday (all per cited sources)
Quotes
“BVIV… spiked to annualized 50%… even though the spot price remains near daily lows… [suggesting] a more measured market response.” — CoinDesk market update summary
Sources
CoinDesk report Crypto Markets Today (coindesk.com); Liquidations summary (finance.yahoo.com); Zcash surge (finance.yahoo.com, dlnews.com)