As of 9 a.m. EDT on Monday, the crypto market experienced a $1.15 billion loss in derivatives positions, with $975.93 million of these being long positions. Of that total, approximately $403.82 million came from BTC positions, while $364.98 million resulted from ETH positions being liquidated.
Crypto Carnage: $1.15B in Leveraged Positions Annihilated as Bitcoin Nosedives
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Mass Liquidation Madness
On Monday morning, the crypto market faced a steep decline, falling 17.64% over the last 24 hours to hit a low of $1.78 trillion. During this time, global trade volume jumped by 215.96% from Sunday, largely fueled by selling pressure.
Not too long ago, on July 28, BTC had reached a high of $70,000 per unit, but it has since taken a notable downturn. In the past 24 hours alone, BTC’s value in U.S. dollars has dropped by 17%, with significant losses recorded during overnight and early morning trading sessions.
Ethereum (ETH) saw a 22.8% decrease against the U.S. dollar, and many other crypto assets suffered losses exceeding 20%. This sell-off has led to a large number of crypto derivatives positions being liquidated over the past day.
A massive total of $1.15 billion was wiped out during the 24-hour period, with the majority of these trades—$975.93 million or 84.86%—being long positions. Bitcoin positions alone accounted for $403.82 million, representing 35.11% of the day’s liquidations.
ETH derivatives positions made up 31.74% of the day’s downturn, and $47.5 million in SOL longs were also eliminated. Over the past day, a staggering 307,158 traders were caught off guard by the market movement, with the largest liquidation occurring on Huobi when a BTC position lost $27 million.
What do you think about the day’s wipeouts and massive downturn? Share your thoughts and opinions about this subject in the comments section below.
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