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

Quick Take

  • Crypto traders on centralized exchanges were liquidated to the tune of more than $1 billion amind yesterday’s market volatility.
  • The DeFi sector was also hit, with much more at risk should the price of ether decline further.

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


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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.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Before joining the blockchain and crypto industry, he worked for, and He tweets via @XBT002 and can be emailed at [email protected].
Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]