$620 Million Liquidations Shake the Market
The cryptocurrency market has begun this week’s sharp decline as the liquidation wave wasted $620.5 million in the past 24 hours.
Bitcoin (BTC) prices were driven by a sharp drop, sold out, falling to $80,000 over the weekend. The sudden drop triggers wide margin calls, forcing traders to exit the leverage position and zoom in volatility The entire market.
Cryptocurrency markets are hit by a $620 million liquidation wave
According to Coinglass data, the last 24 hours 225,381 traders cleared.
The long position suffered the biggest blow, causing $529.4 million in losses. Meanwhile, the price for short positions is $91.1 Millions in liquidation.
Bitcoin Leadership Liquidation Carnivalthe $239.5 million job disappeared. $205.6 million came from long-term traders, caught off guard and was wary of the market downturn, triggering forced sell-offs. The largest list clearing order occurred on Binance, with the BTC/USDT position worth $32 million.
Analyst Ash Crypto highlighted the severity of recent market turmoil in the latest X (formerly Twitter) posts.
“The long Bitcoin clearance in all exchanges exceeded 3AC, Celsius and FTX crashed,” the post read.
From encryption It shows that Bitcoin’s long-term liquidation soared to 14,714 yesterday. For comparison, 13,453 BTC was liquidated during the Celsius crash, 1,807 BTC and 1,311 BTC in the three arrow capital (3AC) crash during the FTX crash.
The liquidation wave is due to Bitcoin’s struggle in the market, facing downward pressure. Contrary to expectations President Donald Trump’s Strategic Bitcoin Reserve Executive order triggered Bitcoin’s value drops sharply.
In addition, the recession has intensified due to the escalation of fear of the recession, increasing market uncertainty.
“The ugly start of a week. It looks like BTC will re-estimate $78,000,” Arthur Hayes, former Bitmex CEO Write.
He predicts that if $78,000 cannot be held, then $75,000 will be the next key support level. Hayes also noted that there are a large amount of open interest (OI) between $70,000 and $75,000 between Bitcoin options. Therefore, if BTC enters this range, it may lead to an increase in volatility.
Currently, BTC continues to hold over $80,000. At the time of writing, it traded at $82,629, down 3.9% in the past 24 hours.
Market plunges to impose crypto whales on liquidation chaos
The widespread impact of the decline in Bitcoin prices is felt throughout the industry. Total crypto market value It fell by $148 million. Ethereum (ETH) It is the second largest asset affected, with liquidation of US$108.5 million. According to beincrypto data, ETH has fallen by 5.3% over the past daytraded for $2,062 at press time.
The recession puts whales under increasing pressure, and some people are now at risk of mass liquidation. According to Lookonchain dataa whale that houses 65,675 ETH (worth $135.8 million) Manufacturers are on the verge of liquidation.
The whale’s health rate dropped to 1.05, with liquidation price set at $1,931, and if ETH continues to drop, there are concerns about the potential forced sell-off.
In addition, chain analyst reveal World Free Finance (WLFI) portfolio suffered serious losses. The company initially invested $336 million in nine tokens. However, the portfolio’s value fell to $226 million, marking a $110 million loss.
Ethereum accounts for 65% of the entire portfolio, making it the most affected asset. The average purchase price of ETH is $3,240, but ETH is now trading around $2,000, Defi project Loss of 37%, totaling $80.8 million.
Despite the turmoil, Onchainlens Reported whales have increased long positions on multiple assets, including Solana (Sol)Ethereum, Dogwifhat (Wif)and Bitcoin.
The positions are against traders, who are now in an unrealized loss of $14.3 million. The whale still has a public order worth $8.4 million, further increasing exposure. Additionally, Whale provided 19,413 ETH to fund these transactions and borrowed $16.2 million. Excessive liquid for a long time.
However, not all whales lose money in this market shock. LookonChain data highlighted that another whale has successfully shortened BTC during the recent price drop. Traders accumulated over $7.5 million in unrealized profits.
“He now sets the additional short position at $92,449 – $92,636 and has placed a limit order to make a profit between $70,475 – $74,192” additional.
Disclaimer
persist in Trust Project Guide Beincrypto is committed to impartial, transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
