BEARISH 📉 : Bitcoin derivatives see $507 million liquidations amid market volatility

Data indicates significant liquidations in cryptocurrency derivatives, surpassing $500 million due to recent market volatility.

Key Points

Over the last 24 hours, $507 million in derivatives contracts were liquidated.
86% of these liquidations involved long positions, as Bitcoin fell from $67,700 to $64,300.
Bitcoin contributed $233 million to the total liquidations.
The market rebound led to $69 million in short position liquidations.
Bitcoin Open Interest dropped to $19.5 billion, down from a January peak of $38.3 billion.
Negative Sentiment on social media platforms increased, signaling heightened FUD among retail investors.

Currently, Bitcoin is trading at approximately [https://holder.io/coins/btc/] $66,300, reflecting a 5% decrease over the past week.

Bitcoin Price Chart