Bitcoin slipped back below $74,000 on November 10, 2026, dropping to $73,703 as a lack of spot market buying and aggressive liquidations pressured bullish margin positions, according to TradingView.
Long Positions Drive $356 Million in Liquidations
The downward slide wiped out approximately $356 million in cryptocurrency positions over a twenty-four-hour period, with 79% of those losses stemming from long bets. Data compiled by TradingView showed that 80,898 traders suffered liquidations, with long positions accounting for roughly $280 million.
Bitcoin alone absorbed $86.1 million in liquidations, of which 82.3% were bullish positions. Binance (private) accounted for 42.6% of the total tracked across major exchanges, while the single largest liquidation occurred on Hyperliquid (private) via a $14.31 million BTC-USD long position.
Analysts at Bitfinex (private) attributed the vulnerability to the structure of the preceding market recovery. Un marché soutenu par des positions longues perpétuelles plutôt que par des achats au comptant tend à casser les niveaux en cascade,
the analysts explained, noting that perpetual contract liquidations inject automatic sell orders into an already fragile environment.
Bitcoin Prices Decline as Liquidations Hit $356 Million
- Bitcoin traded at $73,703, marking a 1.3% twenty-four-hour decline and a 3.5% drop over seven days.
- Total crypto liquidations hit $356 million in 24 hours, driven primarily by unwinding long positions.
- Option market positioning points to heavy downside hedging clustered around the $74,000 and $72,000 strikes ahead of November expirations.
Put Volume Shifts Toward Downside Protection
Despite the spot price weakness, aggregate options data show that call options still command roughly 56% of open interest compared to 44% for puts. However, short-term volume has decisively shifted toward downside protection. Over a twenty-four-hour window, volume reached 22,336 BTC for puts against 20,920 BTC for calls.
On Deribit (private), the $74,000 put expiring on November 13 recorded the highest volume at approximately 3,563 BTC. It was followed by the $72,000 put expiring on November 27 with nearly 2,061 BTC. Market makers selling these options must continually adjust their delta exposure by buying or selling underlying assets, which can amplify price swings when the spot price nears heavily traded strike prices.
Upcoming Expirations and Price Bounds
Upside exposure remains visible on the books, led by an $81,000 call expiring on November 13 with approximately 8,307 BTC in open interest on Deribit (private). TradingView reported that the “max pain” level for the November 13 expiration sits between $75,000 and $77,000, though analysts emphasize this metric exerts no mechanical pull on the market.
Bitfinex (private) analysts project a trading range between $72,350 and $79,400 ahead of the upcoming settlement dates. A recovery above $76,000—identified as the aggregate “zero gamma” pivot point—would alleviate dealer hedging pressure. Conversely, a sustained break below $73,000 threatens to pull prices toward the heavily traded $72,000 put strike.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
