Liquidation Details

Liquidations occurred in waves, with the majority coming from traders holding long positions, betting on price increases. In the first hour alone, $128 million was liquidated, followed by $500 million over the next four hours.

The most intense liquidation phase was during the 24-hour window, where a total of $1.4 billion was wiped out, accounting for the entirety of the liquidations.

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The largest liquidation of the day took place on Binance, where an ETHUSDT position worth $15.8 million was liquidated. This significant event highlights the extreme volatility still present in the crypto market.

Bitcoin and General Market Status

During the liquidation phase, Bitcoin (BTC) experienced sharp volatility, dropping as low as $92,700 during U.S. trading sessions. BTC’s total market capitalization currently stands at $1.85 trillion, with a 24-hour trading volume of $116.15 billion.

This wave of liquidations serves as a stark reminder of the inherent risks in crypto trading. Sudden price movements can lead to massive losses. As a result, traders are urged to manage their positions with caution.

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