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.

OKX experienced the most liquidations. Source: 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.