Bitcoin’s recent surge has taken a sharp turn, with the cryptocurrency crashing below $63,000. This has triggered a massive flush of long contracts, amounting to around $533 million.
Bitcoin’s Downtrend
After hitting an all-time high of over $73,800, Bitcoin has experienced a bearish trend. The latest drop has seen its price plummet by over 7% in the past 24 hours, reaching $62,600 for the first time in weeks.
Crypto Derivative Market Shakeup
The market volatility has led to a shakeup in the derivative market, where liquidations have piled up. When a contract accumulates significant losses, the platform forcibly closes it, resulting in liquidation.
Liquidation Details
Data shows that nearly $657 million in crypto derivative contracts have been liquidated in the past day. The majority of these liquidations, $533 million, involved long contracts, while short contracts suffered a $123 million loss.
Top Liquidated Coins
Bitcoin and Ethereum led the liquidations, with $191 million and $134 million, respectively. Among altcoins, Solana and Dogecoin stood out with $39 million and $14 million in liquidations.
Open Interest Remains High
Despite the high liquidations, Bitcoin’s Open Interest, which measures the total number of BTC-related contracts, remains at elevated levels. This indicates that volatility may continue until the indicator cools off.
