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.
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.