Roughly $660 million worth of leveraged positions have been liquidated over the past 24 hours, according to data provided by CoinGecko. This happened during BTC's plunge below the $77,000 level.
Bullish traders attempting to catch the dip were caught off guard, with long positions taking a severe beating.
According to data from CoinGlass, the sudden crash liquidated a staggering 106,876 individual traders within the past 24 hours.
Earlier today, the flagship cryptocurrency reached an intraday low of $76,696.
E-mini Nasdaq-100 futures are currently in the red as well, which exerts more pressure on high-risk assets of the likes of crypto.
Accelerating volatility
The vast majority of the damage occurred within a devastating 12-hour window that accounted for over $618.04 million in forced closures, with long positions taking a $569.88 million hit compared to just $48.16 million for shorts.
Over a full 24-hour period, the total wipeout reached $660 million. The bulls suffered the lion's share of the damage, with $589 million in long liquidations. For comparison, there was only $71.89 million in short liquidations.
The four-hour window saw $24.32 million in total liquidations, and the one-hour window recorded $2.41 million.
Long positions absorbed nearly all of the impact, given that the market was skewed toward bullish sentiment following Bitcoin's most recent recovery.
Binance, the cryptocurrency giant that remains the undisputed leader in terms of trading volume, accounted for 45% of the total market liquidations.
Bybit, another important player, followed with $104.04 million in total liquidations, a 16% share of the market wipeout.
Notably, Bitget saw the highest concentration of long liquidations (96%).
Dan Burgin
