Nearly $6 billion: Crypto futures market saw the highest amount of liquidations in its history on Monday

Bitcoin • February 23, 2021, 12:50PM EST
the block

The crypto futures market saw the highest amount of liquidations in its history on Monday.

In the last 24 hours, the market saw $5.77 billion worth of liquidations, according to tracker Bybt, a development triggered by a broad decline in the price of bitcoin and other cryptocurrencies.

By comparison, March 2020's so-called "Black Thursday" saw a total of $4.1 billion worth of liquidations, according to data provided to The Block by Bybt.

Source: Bybt, The Block Research

 

During the Black Thursday event, bitcoin's price fell about 50% and led to significant liquidations at the time. Compared to that percentage, the latest bitcoin fall is relatively lower at around 17%, despite higher liquidations.

The maturity of the crypto market could be one reason for the relatively lower price decline. Several crypto exchanges now offer futures trading, compared to a period when BitMEX dominated the market. The level of open interest today is also significantly higher than it was last March.


AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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