As Bitcoin (BTC) suddenly dropped below $57,000, altcoins crashed, and options traders saw losses worth hundreds of millions of dollars.
According to cryptocurrency data aggregator Coinglass, over $379 million in liquidations occurred in the past 24 hours, with nearly 90% coming from leveraged long positions.
Binance, the world’s largest cryptocurrency trading platform by volume, had the largest liquidation amount of $181.38 million, followed by OKX with $101.07 million, Huobi with $47.06 million, and Bybit with $37.72 million.
Coinglass revealed that $115.59 million worth of Bitcoin was liquidated in the last day, with the vast majority being long positions. Coinglass also found that $100.76 million worth of leading smart contract platform Ethereum (ETH) was liquidated in the same time frame.
Other well-known digital assets that saw significant liquidations include ETH competitor Solana (SOL) with $17.87 million, meme asset Dogecoin (DOGE) with $6.7 million, first-layer blockchain Toncoin (TON) with $5.37 million, AI-focused project Worldcoin (WLD) with $4.6 million, and BNB with $4.15 million.
Coinglass data shows that 131,492 traders were liquidated in the past 24 hours. The largest single liquidation order occurred on Binance’s ETH/USDT pair, valued at $18.48 million.
In the past 24 hours, Bitcoin fell from a high of $60,584 to a low of $56,836. At the time of writing, the top market cap crypto asset is trading at $57,369, down nearly 5% in the last day, while Ethereum is trading at $3,121.
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