Over a 24-hour period, more than $300 million worth of leveraged long positions in the cryptocurrency market were liquidated, affecting around 88,667 traders.
Key Takeaways
- Over $300 million worth of leveraged long positions were liquidated in the cryptocurrency market in just 24 hours, marking the most extensive flush-out since August 17.
- Approximately 88,667 traders were affected, indicating that many investors were caught off guard by the sudden decline in cryptocurrency prices.
- Bitcoin traders suffered the most with over $133 million in liquidations, followed by Ethereum traders with liquidations amounting to roughly $70 million.
Significant Liquidations in Crypto Market
The cryptocurrency market witnessed the most extensive liquidation of leveraged long positions in months, with over $300 million liquidated in 24 hours.
The large number of liquidations, affecting approximately 88,667 traders, suggests that many investors were caught off guard by the sudden market downturn.
Bitcoin traders suffered the most significant losses, with over $133 million in liquidations, followed by Ethereum traders with liquidations of around $70 million.
Crypto Longs Worth $300M Liquidated Over 24 Hours Following Market U-Turn, Bitcoin Traders Hit Hardest pic.twitter.com/6vCXgExOi9
— OpenCity (@theopencity2) November 15, 2023
Largest Single Liquidation
The largest single liquidation order occurred on OKX, involving a BTC-USDT-SWAP valued at $9.45 million. Both Bitcoin and Ether faced substantial liquidations.
The majority of liquidations took place on OKX, with a significant percentage of them being long positions. The breakdown of liquidation volumes across major exchanges is provided.
To Conclude
The drop in cryptocurrency prices was attributed to factors such as the October inflation reading and macroeconomic developments. The majority of liquidations took place on OKX, with a significant percentage involving long positions.
