tl;dr
The crypto market experienced a sharp downturn, resulting in $620.5 million in liquidations over the past 24 hours. Bitcoin's price decline triggered widespread margin calls, leading to forced sell-offs and increased market volatility. Long positions suffered the most significant losses at $529.4 mi...
CRYPTO MARKET HIT BY $620 MILLION LIQUIDATION WAVE
MARKET PLUNGE FORCES CRYPTO WHALES INTO LIQUIDATION CHAOS
The crypto market experienced a sharp downturn, resulting in $620.5 million in liquidations over the past 24 hours. Bitcoin's price decline triggered widespread margin calls, leading to forced sell-offs and increased market volatility. Long positions suffered the most significant losses at $529.4 million, with Bitcoin accounting for $239.5 million in liquidations. Additionally, Ethereum faced substantial liquidations, and whales holding large amounts of ETH and other assets are at risk of forced sell-offs.
Despite the market turmoil, some traders have profited from shorting Bitcoin during the price drops. The broader impact of Bitcoin's decline led to a $148 billion drop in the total crypto market cap. Whales with significant investment portfolios have seen substantial losses, with one firm experiencing a $110 million decrease in portfolio value.
The crypto market has kicked off the week with a sharp downturn, as a wave of liquidations wiped out $620.5 million in the past 24 hours. The sell-off was fueled by a steep decline in Bitcoin’s (BTC) price, which plunged to as low as $80,000 over the weekend. The sudden drop triggered widespread margin calls, forcing traders out of leveraged positions and amplifying volatility across the market.
According to data from Coinglass, the past 24 hours saw a massive shakeout in the crypto market, with 225,381 traders liquidated. Long positions took the hardest hit, accounting for $529.4 million in losses. Meanwhile, short positions saw $91.1 million in liquidations. Bitcoin led the liquidation spree, with $239.5 million in positions wiped out. $205.6 million came from long traders caught off guard by the market downturn, triggering forced sell-offs.
The broad impact of Bitcoin’s price drop was felt across the sector. The total crypto market cap suffered a $148 billion drop. Ethereum (ETH) was the second most affected asset, with $108.5 million in liquidations. The downturn has placed whales under increasing pressure, with some now facing the risk of massive liquidations.
Despite the turmoil, OnchainLens reported that a whale has increased long positions across multiple assets, including Solana (SOL), Ethereum, dogwifhat (WIF), and Bitcoin. The positions have turned against the trader, who is now sitting on an unrealized loss of $14.3 million. However, not all whales are losing money in this market shakeout. Data from Lookonchain highlighted that another whale has successfully shorted BTC multiple times during recent price drops, accumulating an unrealized profit of over $7.5 million.