Crypto Liquidations Top $500 Million as Bitcoin Dips to $93,000

A sharp drop below $93,000 wiped out more than $500 million in leveraged positions as analysts pointed to panic selling, hidden losses at trading firms, and signals of a potential reversal.

Posted November 17, 2025 at 2:56 pm EST.

Bitcoin has erased the entirety of its gains year-to-date as the digital asset dropped to a low of $92,971 late on Sunday.

The negative price action was accompanied by $580 million worth of liquidations across crypto exchanges, with the single largest liquidation order on a $29.98 million BTC/USD position on Hyperliquid.

“Bitcoin had a death cross today,” said crypto analyst and Into The Cryptoverse CEO Benjamin Cowen on X, noting that prior death crosses marked local lows in the market.

“Of course, when the cycle is over, the death cross rally fails. The time for Bitcoin to bounce if the cycle is not over would be starting within the next week.”

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Market intelligence platform Santiment shared a similar thesis on a potential price reversal, pointing to bitcoin’s social dominance hitting a four-month high.

“During Friday’s dip below $95K, discussion rates hit a 4-month high, signaling severe retail panic & FUD.”Additionally, BitMine chairman Tom Lee suggested crypto’s slump likely stemmed from one or more trading firms suffering hidden losses, creating an opening for aggressive traders to trigger liquidations, though he argued the downturn should pass within two months and does not derail the broader move toward an “ETH supercycle.”