The total amount of liquidations in the crypto market over the past 24 hours exceeded $500 million. The majority of forcibly closed positions were in BTC and ETH.
BTC traders collectively lost around $138 million. Market participants who opened positions in Ethereum (ETH) also incurred significant losses – the sharp drop in the second-largest cryptocurrency’s price cost them $92.6 million.
Among the leaders in liquidations among altcoins were SOL, DOGE, and other well-known coins.
Over 90% of the liquidations were distributed among OKX, Bybit, Binance, and Huobi. The largest order was executed by OKX – the exchange closed an ETHUSD position worth $7.48 million.
What’s happening with the BTC price Early this morning, the price of Bitcoin briefly dropped below the $66,000 mark. One of the possible reasons for the fall was a noticeable net outflow from spot ETFs, amounting to $85 million. The speed of the correction was driven by large liquidations on exchanges with a high retail share, such as Binance, resulting in funding rates dropping almost to zero.
At the time of writing, the price of BTC has slightly recovered – the asset is trading around $67,000.