Bullish crypto bets lose $1.6 billion as ETH, SOL, DOGE drop 9%
Key takeaways
- A liquidation is when an exchange automatically closes a leveraged trade because the trader's losses have exceeded the collateral they posted to open it.
- The single largest order was a $59.67 million BTC-USDT long unwinding on HTX.
- Binance accounted for $748 million of the total liquidations, or roughly 41% of the cascade, with 89% of those positions long.
Roughly $1.84 billion in crypto leveraged positions were liquidated across the past 24 hours as bitcoin BTC$67,125.25 plunged below $66,000 and ether (ETH) broke under $1,900, the largest single-day wipeout since February 5 and a near-pure flush of long bets, with longs taking $1.66 billion of the total and shorts only $180 million, per CoinGlass data.
A liquidation is when an exchange automatically closes a leveraged trade because the trader's losses have exceeded the collateral they posted to open it. Long positions bet that the price will rise, while short positions are bets on prices falling.
Bitcoin longs absorbed $883.66 million of the damage, ether longs another $475.73 million and solana (SOL) longs $91.18 million, with the remaining roughly $390 million spread across HYPE, DOGE, SUI, BNB, NEAR, AAVE, LINK and the broader top-30 long book.