Cryptocurrency markets suffered the most intense wave of liquidations this quarter, with more than $362 million in leveraged positions wiped out in less than four hours on Wednesday. The move was triggered by the sharp decline in Ethereum (ETH), which fell below $3,400 for the first time in November.
Minimize risk with macro narratives even after the shutdown ends
SoftBank’s decision to sell some of its Nvidia shares initially rattled global tech assets and adjacent crypto assets on Tuesday. Wednesday’s looming U.S. government shutdown vote added to the uncertainty, prompting traders to unwind positions and sending derivatives markets into a chain of liquidations.
Cryptocurrency market liquidation amount exceeds $362 million in 4 hours, November 12, 2025 | Source: Coinglass
More than 160,000 traders have liquidated in the past 24 hours, with a total of $613.16 million in eliminated positions, according to Coinglass data. Of this amount, long traders accounted for $503.23 million, while short traders accounted for approximately $110 million. The largest single liquidation occurred on Hyperliquid’s POPCAT-USD pair, with a value of $21.29 million.
On the hourly liquidation chart, the $9.09 million rekt position was split into $3.24 million long and $5.85 million short, highlighting the extreme intraday volatility.
Bitcoin futures and Solana futures also saw significant drawdowns, with open interest falling by nearly 8% across major exchanges as trades reduced risk exposure.
Ethereum Price Analysis: What’s next for ETH below its 20-day average?
Ethereum’s 12-hour chart shows ETH down 2.86% and trading around $3,448 after being rejected at $3,587. This breakdown pushed the price below the 20-day simple moving average (SMA) of approximately $3,463, an important short-term equilibrium line for traders.
The Bollinger Bands indicate the expansion of volatility, with an upper bound near $3,701 and a lower bound near $3,225, defining the next zone of compression. A close below $3,225 could invite further selling pressure towards $3,100, while a rally above $3,463 could signal a near-term bullish attempt to regain control.
The MACD is still in bearish territory with a signal gap of -73.12, suggesting a decline in momentum despite a slight recovery in the histogram. Bulls need to defend the $3,300 to $3,350 support range to prevent further decline to the psychological $3,000 level.
Conversely, a sustained bounce above $3,550 could target resistance at $3,700 and reestablish upward momentum. Until volatility stabilizes, the outlook for Ethereum price remains neutral to bearish amid rising liquidation risk and macro uncertainty.
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