In less than a day since the cryptocurrency market experienced a significant downturn, liquidations have surged past the $1 billion mark. Coinglass data reveals that within the last 24 hours, the total liquidations amounted to $1.05 billion, coinciding with a decline in the global crypto market capitalization. Most of these liquidations originated from long positions, contrary to traders’ expectations of continued bullish momentum.
Coinglass reports that across all exchanges, approximately $797 million in long positions and $257 million in short positions were liquidated over the same period. Bitcoin (BTC) alone witnessed liquidations totaling $309 million, including $211 million from long positions and $98 million from short positions.
Following Bitcoin’s recent peak at $69,170 on March 5th, traders swiftly withdrew more than $142 million worth of trading positions within an hour of reaching the new all-time high. Additionally, a notable event occurred as a trader liquidated $1.04 million in BTC on Bybit while the asset’s price rebounded to $66,500, as indicated by data from Coinglass.
Binance leads the chart in terms of liquidations with $403 million, followed by OKX and Bybit with $366 million and $106 million in liquidations, respectively, within the past 24 hours. Coinglass data also shows a 0.65% decline in total open interest, reflecting a correction in the crypto market, which currently stands at approximately $67 billion.