$900 Million Liquidated in 24 Hours as Bitcoin Plunges Toward $30K

The last 24 hours have been undoubtedly going in favor of the bears. That’s according to data concerning the total liquidated positions in the past day as Bitcoin’s price is seemingly headed towards $30,000.

  • In less than a day, the cryptocurrency derivatives market saw a total of $900 million worth of both long and short positions liquidated.
  • Given the nature of the market, it’s no surprise that most of the volume comes from liquidated long positions, which account for 80.77% of all or roughly around $725 million.
  • In other words, it appears that the bears are on top during the last 24 hours.
  • The majority of the liquidations came from the Bitcoin derivatives market, accounting for about $647 million, according to the most recent data.
  • Second is Ethereum with about $161 million, followed by Litecoin, Polkadot, Bitcoin Cash, and Ripple.

liquidations_dataLiquidation Data. Source: Bybt

  • As seen in the above picture, the bulk of the liquidations (40.76%) came from Binance. Interestingly enough, Bybit is now the second-largest exchange when it comes to liquidation volumes as it managed to replace Huobi. OKEx follows in fourth place.
  • It’s also worth noting that about $72 million were liquidated in the past hour alone, with the largest single liquidation order taking place on OKEx’s BTC market with a face value of $5.34 million.
  • It’s interesting to see how the market will develop and whether a dump to $30K is ultimately imminent.
Publication date: 
01/21/2021 - 15:22
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.