After flirting with $73,500, Bitcoin fell back to $69,000, precipitating a wave of disaffection among crypto traders. This surge in forced selling led to massive liquidations, with the largest hitting market leaders Bitcoin and Ethereum. A look back at the amounts involved and the exchange platforms particularly affected.
The shock of liquidations: nearly 280 million evaporated
In an already tense crypto climatewith a dream of 75,000 dollars shattered for Bitcoin, the market suffered a real tidal wave with massive liquidations totaling $277.48 million in just 24 hours.
Bitcoin led the way with losses of $88.4 million, followed closely by Ethereum, which was not spared, with $44.96 million going up in smoke.
Losses on long positions reach record highs:
- Bitcoin: $79.05 million;
- Ethereum: $40.74 million;
- Solana: $14.38 million.
On short positions, BTC and ETH also recorded $9.35 million and $4.22 million in liquidations, respectively.
For other cryptos like Solana and Dogecoin, losses are around $15 and $12 million. The drop in prices, almost 4.7% for BTC and 6.14% for ETH, illustrates the volatility of the market.
Crypto exchanges facing the hemorrhage of liquidations
On the exchange platform side, Binance takes the lead with $119 million liquidatedtestifying to the strong exposure and risk-taking of traders on this platform. Bybit and OKX follow closely with liquidations of $63.97 and $59.59 million respectively, confirming the severity of the situation.
With longs closed for $57.56 million on Bybit and $51.57 million on OKX, we can see to what extent traders have not escaped the brutal fall in prices. On HTX, $25.82 million was liquidated, while CoinEx recorded more modest losses of $7.37 million.
This table of massive losses shows how, across different crypto exchanges, high leverage exposes users to the consequences of sharp market fluctuations.
This episode recalls the massive liquidations of September, which revived fears of a 75% collapse of the market.
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