Bitcoin plunges again, $1.52 billion in crypto assets liquidated
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Bitcoin plunges again, $1.52 billion in crypto assets liquidated
Despite widespread liquidations and sharp volatility, the Crypto Fear and Greed Index remains in the extreme greed zone at 78.
Navigating Web3 tides with focused insightsSource: cryptoslate
Translation: Blockchain Knight
As BTC experienced another flash crash, the crypto asset market underwent a series of liquidations over the past 24 hours, totaling $1.52 billion in liquidated amounts.
According to Coinglass data, long positions made up the vast majority, with $1.39 billion liquidated across the entire market, while short liquidations accounted for $137 million.
This marks the second consecutive week of extreme market volatility, with all crypto assets outside of BTC suffering significant impacts.
In just the past hour alone, over $759 million in liquidations occurred, highlighting the speed and scale of the sell-off.
According to CryptoSlate, BTC prices sharply dropped to an intraday low of $94,129, before partially recovering. At present, it is trading around $97,000.
The sudden drop in BTC triggered $83.99 million in position liquidations within the past four hours, with long traders making up the majority.
Liquidation of leveraged positions further intensified downward pressure, exacerbating losses throughout the market.
Ethereum was hit hardest, with $134.5 million in positions liquidated in just the past four hours.
The asset's price fell to $3,510, a sharp decline from recent highs, only beginning to recover to the $3,700 level at present.
Dogecoin also saw heavy liquidations, with $51.55 million wiped out as the token struggled to hold above key support levels, dropping to an intraday low of $0.38. As of now, the token has recovered to $0.422.
The tokens with the largest losses included SOL and XRP, with the former seeing $33.61 million liquidated and the latter $33.78 million.
These two tokens dropped to $203 and $2.01 respectively, though buyer intervention has since pushed them back up to $220 and $2.26.
ADA also faced strong pressure, breaking below a key psychological level to $0.91. At present, it continues to hover around $1.
Excessively leveraged positions, weak sentiment, and cascading stop-loss orders collectively fueled the rapid sell-off.
Binance recorded the highest liquidation volume, with a total of $417.65 million liquidated over the past four hours.
OKX followed with $224.76 million, while Bybit had $207.16 million in positions liquidated.
The single largest liquidation event occurred on Binance’s ETHUSDT pair, amounting to $19.69 million.
Despite massive liquidations and severe volatility, the Crypto Fear & Greed Index remains in the "extreme greed" zone at 78.
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