The Daily Hodl: Over $127,000,000 in Crypto Assets Liquidated in the Past 24 Hours As Bitcoin Plummets Below $26,000
Hundreds of millions of dollars worth of crypto assets have been liquidated in the past day as Bitcoin dips below the $26,000 level. New data from market intelligence firm Coinglass reveals the extent of the liquidations, with the majority coming from crypto exchange platforms such as OKX, Binance, and ByBit.
Key Points:
– Crypto exchange platforms OKX, Binance, and ByBit saw the highest amount of liquidations, with $41 million, $38.6 million, and $17.9 million worth of options contracts disappearing, respectively.
– Bitcoin and Ethereum were the most affected digital assets, with over $47 million and nearly $31 million worth of options and derivatives contracts liquidated in the last 24 hours, respectively.
– Other notable crypto assets that saw liquidations include Solana, Litecoin, and XRP, with $3.01 million, $2.29 million, and $2.84 million in liquidations, respectively.
– The majority of liquidations came from investors who went long, with traders who went long selling off $113.2 million worth of contracts compared to short sellers who sold just over $16 million worth of positions.
– The correction in the market comes shortly after Bitcoin’s rally following Grayscale’s legal victory against the SEC, but the SEC’s announcement of a delay in its decision on approving BTC ETFs for Invesco, WisdomTree, and Valkyrie negatively impacted the market.
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