Crypto Longs Worth $300M Liquidated Over 24 Hours Following Market U-Turn, Bitcoin Traders Hit Hardest
Portfolio Pulse from Mehab Qureshi
Over $303 million in leveraged long cryptocurrency positions were liquidated in 24 hours, with Bitcoin (BTC) and Ethereum (ETH) traders experiencing the most significant losses. The largest single liquidation order was a BTC-USDT-SWAP on OKX valued at $9.45M. The market downturn was unexpected by many, as 88,667 traders were affected. The liquidations were predominantly long positions, with OKX, Binance, Bybit, and Huobi being the major exchanges where these occurred. The market drop coincided with reactions to the October inflation reading, leading to a 4% drop in BTC and a 6% drop in ETH.
November 15, 2023 | 4:14 am
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NEGATIVE IMPACT
Bitcoin traders suffered the most in the recent market downturn, with over $133 million in liquidations. The largest single liquidation order was on OKX, and the price of Bitcoin dropped by 4% to $35,000.
The significant amount of liquidations and the price drop indicate a bearish short-term sentiment for Bitcoin, likely leading to a decrease in its price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Ethereum traders experienced significant losses with approximately $70 million in liquidations. Ether's price fell 6% to below $2,000 levels.
The substantial liquidations and the sharp decline in Ether's price suggest a negative short-term outlook, which could lead to further price declines.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90