Glassnode warned on Nov. 14 that bitcoin was approaching a cluster of bullish futures positions that could face forced closure if the price fell. Its Nov. 11 model placed the largest cluster between $59,500 and $62,600; the zone had not been reached since the August low. Bitcoin traded at $63,602 as of 5:51 p.m. EST on Nov. 14, so the warning described a potential risk, not liquidations already triggered in that zone.
About $1.64 billion in crypto positions were liquidated during a 24-hour period around the Nov. 13 decline, nearly 90% of them bullish trades. Glassnode also reported a $17 billion contraction in stablecoin supply over a month. It said earlier liquidations had reduced vulnerable positions nearer bitcoin’s price, while some groups of larger wallets had resumed buying.
