Crypto traders hit by $1.04 billion in liquidations amid intense market volatility

In a dramatic 24-hour period, crypto traders experienced liquidations worth over $1.04 billion due to immense volatility in the market, as reported by data from CoinGlass.

Bitcoin’s rollercoaster ride — plunging from $27,600 to $25,600 and rebounding to $26,500 within hours — predominantly affected traders with long positions. Of the total $1.04 billion in positions wiped, $836 million were long positions and $205 million were shorts. 

OKX recorded the most-significant liquidations during this tumultuous period. A staggering $308 million in long positions were liquidated in the last 24 hours on the major crypto exchange. Binance followed closely, with $189 million in positions held by bulls being wiped out, per CoinGlass.

DeFi sector also hit by spike in liquidations

The sudden drop in crypto prices yesterday also led to more than $75 million in liquidations — the highest for the year — across the decentralized finance sector as the price of ether fell below $1600, according to Parsec data.

Additionally, nearly $270 million in collateral across the DeFi landscape is at risk of liquidation should the price of ether dip further below $1500.

The last time Ethereum lending market liquidations saw a truly massive spike was in November 2022, when nearly $100 million was liquidated, according to The Block's Data Dashboard.