Crypto Liquidations Reach $314 Million in 24 Hours
Crypto liquidations have remained elevated over the past 24 hours, hitting $314 million as Bitcoin dropped to $92,700, according to Coinglass data.
Largest Single Liquidation on BitMEX
- A $5.5 million XBTUSD position on BitMEX resulted in the largest single liquidation order.
- Over 121,000 traders were liquidated during this period, showcasing increased market volatility.
Long Positions Hit Hard
Long positions accounted for $194 million, around 60% of total liquidations, while short positions contributed $120 million, indicating imbalances in the market.
Exchange-Specific Data
- Binance led in liquidations with $31.52 million cleared, with 81.04% from long positions.
- OKX followed with $15.75 million liquidated, maintaining a similar long-dominant ratio of 79.75%.
- Bybit recorded $13.64 million in liquidations, with 78.5% attributed to long positions.
Bitcoin’s Volatile Price Movements
Bitcoin’s price has been volatile, reaching $102,000 on Jan. 6, dropping to $92,700 on Jan. 7, and then rising to $95,000 on Jan. 10 before quickly recovering to $94,400.
Traders Positioning for Moves
These liquidations indicate traders are positioning for further directional moves as Bitcoin trades within a tight range after reaching all-time highs in December.
Altcoin Market Activity
Notable activity in altcoin markets with $54.93 million in ETH liquidations alongside $83.51 million in BTC positions suggests market participants remain leveraged, potentially leading to continued volatility.
