Crypto Market Sees $967 Million Liquidations Amid Bitcoin’s Continued Drop
The cryptocurrency derivatives market has experienced significant liquidations, nearing $1 billion in the past 24 hours.
Key Points:
- Total liquidations reached $967 million, with 88% ($849 million) affecting long positions.
- Ethereum led the liquidations at $309 million, followed by Bitcoin at $246 million.
- The event is termed a "long squeeze," marking the second such occurrence this week.
- Glassnode suggests these events may prevent further liquidations by resetting market positioning and reducing leverage.
Currently, Bitcoin trades around $109,200, reflecting a decline of over 6% in the last week.