$440 Million Liquidated as Bitcoin Slumps

Bitcoin's recent dip below $64,000 resulted in over $440 million in liquidation losses for futures traders. This drop also impacted major cryptocurrencies like Ethereum, Solana, and Dogecoin, with predictions suggesting Bitcoin could further decline to $55,000. Long positions on Bitcoin alone suffered $100 million in losses, while Ethereum, Solana, and Dogecoin faced a combined $120 million in long liquidations.

The liquidations, occurring when traders fail to meet margin requirements for leveraged positions, were triggered by Bitcoin's downward trend, exacerbated by record-high outflows from Grayscale's GBTC. Despite this, some traders maintain a long-term bullish outlook, anticipating Bitcoin to rebound after potentially reaching the $55,000 level.

In the broader market, major tokens experienced significant declines, with ETH, SOL, and ADA dropping up to 8%, according to CoinGecko data. Despite short-term uncertainties, ongoing developments in the crypto space, including regulatory measures and investor sentiment, are expected to influence future market movements.

Source: CoinDesk

In the past 24 hours, both BTC and ETH experienced significant decreases in open interest in their futures markets. Despite this, trading volume surged for both, with BTC seeing a 53.73% increase and ETH witnessing a 48.36% rise, indicating heightened market activity amidst the price drops. In addition, the slumps in prices of both BTC and ETH led to a notable increase in liquidations, particularly of long positions, which significantly surpassed those of shorts.

Total BTC Open Interest: $33.48B (-3.25%)

BTC Volume (24H): $144.08B (+53.73%)

BTC Liquidations (24H): $136.32M (Long)/$78.65M (Short)

Long/Short Ratio: 49.98%/50.02%

Funding Rate: 0.0205%

 

Total ETH Open Interest: $12.17B (-6.95%)

ETH Volume (24H): $62.64B (+48.36%)

ETH Liquidations (24H): $124.67M (Long)/$23.85M (Short)

Long/Short Ratio: 50.09%/49.91%

Funding Rate: 0.0131%

 

DATA: $1.51M (+59.67%)

VANRY: $13.62M (+35.78%)

FTM: $331.60M (+32.31%)