More than $259 million was liquidated from the crypto market in the past 24 hours, with Ethereum leading the way with $73.16 million. Bitcoin prices fluctuated between $67,000 and $65,400, increasing market volatility.
According to data from Coinglass, 86,408 traders were liquidated, with the single largest liquidation order worth $9.63 million occurring on OKX's BTC-USDT swap. Long positions accounted for the majority of liquidations, accounting for $186.31 million, while short positions accounted for $78.61 million.
In the past four hours, exchanges reported large liquidations totaling $20.3 million. Binance took the lead with $9.4 million, with 73.55% mainly from long positions. OKX and Bybit were followed by liquidations of $4.7 million and $3.93 million, respectively, with long positions accounting for over 86% of losses on both platforms.
With Bitcoin open interest recently hitting new all-time highs, the large liquidations indicate increased market activity and possible over-leveraging by traders.
Liam Akiva Wright
Liam Wright, also known as “Akiba,” is a reporter, podcast producer, and editor-in-chief at CryptoSlate. He believes decentralized technology has the potential to bring about far-reaching positive change.
