Cryptocurrency Exchanges Liquidated $803 Million in a Day

In the past 24 hours, approximately $803 million in leveraged positions were liquidated on cryptocurrency exchanges, 86% of which were bullish bets. This occurred as the price of Bitcoin briefly dipped below $81,000. Nearly three-quarters of this volume, about $595 million, was liquidated in the last 12 hours when South Korea's KOSPI index fell by more than 6%. Liquidations occurred with high intensity–the largest losses were recorded during this period, indicating the significant impact of both market volatility and news related to semiconductor stocks.

The largest losses were recorded by traders betting on SanDisk, who had $19.09 million liquidated. These declines surpassed $19.04 million for HYPE and $18.78 million for XRP. Liquidated positions in Bitcoin amounted to $181 million, while Ether lost $178 million with a significantly smaller market capitalization. Positions related to SOL lost $60 million, ZEC–$24 million, and NEAR–$22 million. It is important to note that these liquidations occurred amid a general decline in both cryptocurrency and stock markets, indicating the continuation of existing market trends.

The largest single liquidation was $9.65 million on a long Bitcoin position on the Binance exchange, which led in the number of liquidations, accounting for half of all losses. The situation changed when, in the last four hours, $74 million worth of liquidated positions were 79% short positions, as Bitcoin rose above $83,000. This situation suggests that many long positions were cleared before the U.S. inflation report. The dynamics of liquidations demonstrate the activity of market participants and their reaction to current economic and market information, which is a key aspect in understanding the situation in the crypto market.