Ethereum Traders Lost $345 Million in One Night — More Than Bitcoin: ETH at $2,140 After Breaking $2,100 — 5 Numbers That Decide $2,000 or $2,450
Ether longs lost $345.68 million in 24 hours — 50% more than Bitcoin — as ETH crashed below $2,100 in 11 minutes. One $48.16 million position was the biggest single wipeout. Here are the 5 numbers that decide whether ETH holds $2,000 or reclaims $2,450.
Ethereum Traders Lost $345 Million in One Night — More Than Bitcoin
Ethereum traders lost more money than Bitcoin traders on Sunday night — and it was not close. In 24 hours, $345.68 million in Ether long positions was forcibly closed, against $230.63 million for Bitcoin, according to CoinGlass data reported on November 8. ETH fell below $2,100, dropping from $2,222 to $2,063 in about 11 minutes, and one single $48.16 million long on Binance was the largest liquidation of the entire session. This is what happened, why Ether longs were the weakest hands in the market, and the five numbers that decide whether ETH holds $2,000 or reclaims $2,450.
Ether was trading near $2,140 on Monday morning, down 4.38% in 24 hours and down 16.87% over the past month, according to market data. The coin is 25.5% lower so far in 2026 and 37.54% lower than a year ago. Bitcoin, by comparison, fell only about 1.5% over the same 24 hours. The gap between the two tells the real story of Sunday night: this was not a general crypto sell-off. It was an Ethereum leverage flush.
What Happened on Sunday Night, Minute by Minute
The move was fast, violent, and concentrated in a single hour. Here is the timeline, pieced together from CoinGlass data reported by PANews and market coverage:
- 05:44 SGT, November 9: Ether is trading around $2,222 on OKX. Leveraged longs are piled up above $2,200, betting the weekend recovery holds.
- 05:51 SGT: ETH breaks below $2,200, then below $2,100 within minutes. The Hyperliquid long of the trader known as Machi Big Brother — about 540 ETH, worth roughly $1.18 million — is fully liquidated at an average price of about $2,192. His account is left at zero.
- 05:55 SGT: ETH touches $2,063 on OKX. In roughly 11 minutes, the price has fallen almost 7%.
- 06:21 SGT: CoinGlass counts $745 million in contract liquidations across all exchanges in the past hour — $715 million of it from longs, more than 90% of the total.
- 06:42 SGT: ETH climbs back to about $2,125, still 4.9% lower than 24 hours earlier.
The 24-hour totals, published later on Sunday, put the scale in perspective. Crypto traders lost $834.17 million to forced selling in 24 hours, and $776.16 million of that hit in just four hours on Sunday night. Long positions accounted for $771.68 million of the total; short sellers lost just $62.49 million. In total, 138,859 traders were wiped out. Ether made up the largest share of the liquidation wave, ahead of Bitcoin — a reversal of the usual pattern, where Bitcoin liquidations dominate because Bitcoin has the deepest derivatives market.
On Binance alone, the hour's damage was lopsided: $181 million in ETH liquidations, about twice Bitcoin's $90.2 million. The largest single order recorded anywhere was a $48.16 million ETH long on Binance at 05:55 SGT. A second Ether long on the same exchange, worth $17.6 million, was closed minutes earlier near $2,158, and a third worth $12.2 million near $2,162.
5 Numbers That Explain the $345 Million Wipeout
| Number | What it means |
|---|---|
| $345.68M | Ether long liquidations in 24 hours — 50% more than Bitcoin's $230.63M |
| 94.3% | Share of Ether liquidations that were long positions — almost nobody was short |
| $745M | Total liquidations in a single hour, $715M of it longs — the flush was compressed into 60 minutes |
| $365.28M | US spot Ether ETF outflows in the week to November 6 — the sixth straight week of withdrawals |
| $11.4B | Ether open interest, down from nearly $16B in late September — leverage was already shrinking before the flush |
Read together, these five numbers describe a market that was leaning the same way, with too much leverage, and no buyers left to absorb the selling. When nearly 95% of the liquidations are longs, the market was not hedged — it was crowded. And crowded trades unwind fast.
Why Ethereum Longs Got Hit Harder Than Bitcoin
Bitcoin fell to $73,761 on Sunday night, its lowest since August, before recovering above $75,000, according to CoinDesk. That is a serious drop. But Bitcoin's liquidations stayed smaller than Ether's, even though Bitcoin's market is far bigger. Four forces explain why Ether took the bigger beating.
1. Ether was already the weak coin. ETH is down 16.87% over the past month and 25.5% this year, while Bitcoin is down about 8% over the past month and 14.5% year to date. Ether is 57% below its all-time high of $4,956.78, set on August 24, 2025. When a coin is already in a downtrend, leveraged longs sit closer to their liquidation prices, and each leg down triggers the next.
2. ETF money has been leaving for six weeks. US spot Ether ETFs recorded $365.28 million in withdrawals in the week to November 6, extending their losing streak to six consecutive weeks, according to SoSoValue data. BlackRock's iShares Ethereum Trust (ETHA) accounted for most of it, losing $345.9 million, with another $47.9 million leaving its ETHB product. Combined, US spot Bitcoin and Ether ETFs lost about $1.65 billion that week. ETF flows are the marginal buyer in this market; six weeks of outflows means the bid under the price keeps thinning. For background on how these funds work, see our guide What Is a Bitcoin ETF? How Spot ETFs Work.
3. Leverage was concentrated in ETH, not spread out. Ether open interest has fallen to about $11.4 billion from nearly $16 billion in late September, according to CryptoQuant data — a sign that leverage was already being pulled. But the leverage that remained was heavily one-sided: almost all of it long. When a market is 94% long and the price breaks a round number like $2,200, stop-losses and liquidations feed each other. That is the classic long squeeze, and it explains why $776 million of the day's $834 million in liquidations landed in four hours.
4. Ether lost its technical floor first. Ether was already trading below its 20-, 50- and 200-day moving averages before Sunday night, with the 20-day average around $2,347, according to technical analysis published on November 6. The $2,200 level was the last obvious shelf of support — and once it broke, there was little standing between the price and $2,063. Bitcoin, by contrast, found buyers near its 200-day average around $73,150 and bounced.
If you are new to Ether and want the fundamentals behind the price action, our beginner guide What Is Ethereum? The Complete Beginner's Guide explains how the network works and why its price moves differently from Bitcoin's.
The $48 Million Trade and the Trader Who Lost Everything
Every liquidation wave has a face, and this one had two. The largest single liquidation of the session was a $48.16 million ETH long on Binance — one position, one exchange, wiped out in minutes. It was the biggest forced closure across the entire crypto market that day, bigger than any Bitcoin position.
The second face was Machi Big Brother, a well-known Hyperliquid trader. His long of about 540 ETH, worth roughly $1.18 million, was fully liquidated at about $2,192, leaving his account at zero. The position was not enormous by crypto standards, but it was public — and it became the symbol of the night, because it showed how quickly a leveraged bet can go from a normal trade to a total loss when the market gaps down 7% in 11 minutes.
These are not isolated accidents. They are the predictable result of leverage in a falling market. A 10x long on Ether loses its entire margin on a 10% move — and ETH fell more than 6% intraday on Sunday before recovering. Traders who used 20x or 25x leverage were liquidated on a 4–5% move. That is why the damage was concentrated in longs: the market did not need a crash to wipe them out. It only needed a sharp, fast dip.
What Most People Get Wrong About Liquidations
Liquidations are widely misunderstood, and the misunderstanding costs people money. Three myths dominate every liquidation wave.
Myth 1: Liquidations caused the crash. Liquidations amplify a move; they rarely start it. Something has to push the price down first — in this case, a weekend of ETF outflows, a weak tech market, and thin Sunday liquidity. Once the price broke $2,200, liquidations took over and turned a 2% dip into a 7% flush. Blaming liquidations alone misses the real trigger.
Myth 2: The market is rigged against longs. The data says the opposite: the market was simply crowded. When 94.3% of liquidations are longs, it means almost everyone was positioned the same way. A market where everyone is long has no one left to buy. The wipeout is the market clearing an imbalance, not a conspiracy.
Myth 3: A liquidation flush means the bottom is in. Sometimes it does — forced selling can mark a capitulation low. But Ether's open interest is still falling, ETF outflows are in their sixth week, and the coin is below every major moving average. A flush clears leverage; it does not create buyers. The bottom arrives when spot demand returns, not when the last long is liquidated. Our explainer Crypto Liquidations Explained: $1.08B Wiped Out 209,826 Traders in 24 Hours covers the mechanics in detail, including the five leverage mistakes that repeat in every wave.
3 Scenarios: What Happens Next for ETH
The numbers below are scenarios, not predictions. They map the levels traders are watching after Sunday night's flush.
| Scenario | Trigger | Price path |
|---|---|---|
| Bull: reclaim $2,450 | ETF outflows stop, Tuesday's US CPI report comes in cool, and ETH reclaims its 20-day average near $2,347 | $2,140 → $2,347 → $2,450 |
| Base: grind between $2,100 and $2,250 | CPI lands as expected, ETF outflows slow but do not reverse, and leverage stays low | $2,100 – $2,250 range for days |
| Bear: break $2,000 | Hot CPI on Tuesday, a December Fed rate hike becomes the base case, and ETF outflows extend to a seventh week | $2,100 breaks → $2,063 → $2,000 |
The near-term catalyst is Tuesday, November 10, when the US October CPI report is released at 8:30 a.m. ET. Markets are already pricing a roughly 77–80% chance of a December Federal Reserve rate hike, according to CME FedWatch and LSEG data. A hot inflation print would strengthen that bet and pressure every risk asset, including Ether. A cool print would do the opposite — and would give the bull scenario its first real trigger. Either way, the $2,100 level is the line in the sand: ETH fell below it on Sunday and recovered, but a daily close under $2,100 would open the path to $2,000.
One more number matters for the medium term. Ether's ratio against Bitcoin sits near 0.0295, about 80% below its 2017 peak. Until ETH starts outperforming BTC again, every bounce is a bounce in a weaker coin — and weaker coins get liquidated first when the market turns.
Checklist: 5 Ways Not to Be the Next Liquidation
Sunday night's $345 million lesson is free. Here is how to use it:
- 1. Cap your leverage at 2–3x, or use none. A 10x long dies on a 10% move. ETH moved 7% in 11 minutes. Low leverage is the single biggest difference between traders who survive a flush and traders who get wiped out.
- 2. Never keep your whole stack on an exchange. Funds sitting on a trading account are one bad night away from a forced sale. Move long-term holdings to a wallet you control — our guide Best Crypto Wallets in 2026: 7 Compared After the $6.3B Binance Hack ranks the options by security and price.
- 3. Set a stop-loss before you open the trade, not after. A stop you set in advance exits you at a small loss. A liquidation exits you at a total loss. The difference is planning.
- 4. Watch ETF flows, not just the chart. Six weeks of Ether ETF outflows told the story before Sunday night did. When the biggest buyers are selling, leveraged longs are swimming against the current.
- 5. Size positions so a 10% drop is boring. If a 10% move in Ether would wipe you out or ruin your month, the position is too big. The traders who survived Sunday night were the ones who could watch a 7% drop in 11 minutes and do nothing.
If you are considering buying your first Ether after this dip, read How to Buy Ethereum in 2026: A Complete Beginner's Guide first — it covers exchanges, fees, and the mistakes first-time buyers make.
FAQs
Why did Ethereum fall below $2,100?
Ether fell below $2,100 on Sunday night, November 8–9, 2026, after a cascade of leveraged long liquidations. The coin dropped from about $2,222 to $2,063 in roughly 11 minutes as $745 million in positions was liquidated in a single hour. The underlying pressure came from six straight weeks of US spot Ether ETF outflows ($365.28 million in the week to November 6), a weak tech market, and Ether's existing downtrend — it was already down about 17% over the past month.
How much was liquidated in the Ethereum crash?
Ether traders lost $345.68 million in 24 hours, with 94.3% of that coming from long positions, according to CoinGlass data. Across the whole crypto market, $834.17 million was liquidated in 24 hours, including $776.16 million in just four hours on Sunday night. The largest single liquidation was a $48.16 million Ether long on Binance.
Did Ethereum lose more than Bitcoin?
Yes. Ether liquidations of $345.68 million were about 50% larger than Bitcoin's $230.63 million over the same 24 hours, even though Bitcoin's market is far bigger. On Binance, ETH liquidations of $181 million in the worst hour were about twice Bitcoin's $90.2 million. Ether also fell further in percentage terms — down about 4.4% in 24 hours against Bitcoin's roughly 1.5%.
What is the Ethereum ETF outflow streak?
US spot Ether ETFs recorded $365.28 million in net outflows in the week to November 6, 2026, extending their losing streak to six consecutive weeks, according to SoSoValue data. BlackRock's iShares Ethereum Trust (ETHA) accounted for $345.9 million of the week's outflows. Combined, US spot Bitcoin and Ether ETFs lost about $1.65 billion that week.
Will Ethereum recover to $2,450?
That is the bull scenario, not a forecast. For ETH to reclaim $2,450, it first needs to retake its 20-day moving average near $2,347, and it needs ETF outflows to stop. The nearest catalyst is Tuesday's US CPI report: a cool inflation print could ease December rate-hike fears and support a recovery, while a hot print would likely push ETH toward $2,000 instead.
Is now a good time to buy Ethereum?
That depends on your time horizon and risk tolerance, and this article is not financial advice. The case for buying: ETH is 57% below its all-time high of $4,956.78, leverage has been flushed out, and open interest is down from $16 billion to $11.4 billion. The case for waiting: ETF outflows are in their sixth week, ETH is below all major moving averages, and the December Fed decision is still ahead. Most long-term buyers size in gradually rather than betting everything on one level.
Conclusion
Sunday night was Ethereum's worst night of the month, and the numbers explain why: $345.68 million in Ether longs wiped out, 94.3% of them bets on a higher price, a $48.16 million position closed in minutes, and a coin that fell below $2,100 in 11 minutes. The flush was not random. Ether was the weakest major coin, ETF money had been leaving for six weeks, and leveraged longs were crowded on one side of the trade.
What happens next depends on two things: Tuesday's CPI report and whether ETF buyers return. If inflation comes in cool and outflows stop, $2,347 and then $2,450 are the levels to watch. If it comes in hot and the December rate hike becomes the base case, $2,000 is the next stop. Either way, the traders who survived Sunday night share one trait — they were not leveraged to the point where an 11-minute move could end them. In a market that can erase $745 million in an hour, that is the only edge that reliably survives.
