Bitcoin's price tumbled by 5% on Sunday night after a break-neck rally pushed it to all-time highs near $50,000.
The impact of the drawdown to $45,768 seeped into the bitcoin futures market, triggering more than $1.87 billion worth of liquidations in the last 24 hours, according to data from Bybt.
The recent market action indicates the degree to which retail participants on venues like Binance were over-levered, according to Bitfinex CTO Paolo Ardoino.
"Most of our perps traders are funds and OTC desks, so their risk appetite is quite lower than retail," Ardoino said. "So less apeing."
At last check, the price of bitcoin has recouped some of its Sunday losses. Bitcoin is trading hands at roughly $47,960 on Coinbase.