Bitcoin Crash To $61,000 Drives 24-Hour Crypto Liquidations Toward $300 Million
Early on Monday morning, the Bitcoin price crashed another 5% to drop to the $61,000 level. This sudden drop has taken investors by surprise, triggering a massive wave of liquidations. As the trading volume continues to rise, crypto liquidation figures have barreled toward $300 million in just 24 hours.
91,000 Crypto Traders Lose $282 Million Amid Bitcoin Crash
Data from Coinglass reveals that tens of thousands of crypto traders have lost their leverage positions in the last day, leading to hundreds of millions of dollars in liquidations. This is directly linked to the decline in the crypto market, spurred on by the Bitcoin crash.
So far, 91,000 traders have lost their positions, amounting to a collective loss of $282 million. The Bitcoin market crash has primarily affected long traders, with an overwhelming 91.59% of liquidations coming from long positions.
Largest Liquidation Volumes
- Bitcoin: $103 million
- Ethereum: $64 million
- Solana: $13 million
- Others: Over $38 million
Top Crypto Exchanges by Liquidations
- Binance: 35% of total liquidations, $102.9 million
- OKX: $82 million
- Huobi: $47.72 million
- Bybit: $21.33 million
- Bitmex: $15.15 million
Notably, the largest single liquidation order took place on the Bitmex exchange, where a trader lost $10 million on the XBTUSDT pair.
Recent Liquidation Trends
At the time of writing, most of the liquidations had occurred in the past 12 hours alone, making up $230 million out of the recorded $282 million. In the last hour, liquidation volumes crossed $102.5 million.
Interestingly, despite these significant volumes, the past 24 hours are still not the worst for the month of June. The month has seen several crashes, with notable liquidation trends. For example:
- June 7: Liquidation volumes reached $360 million, when the Bitcoin price crashed from $71,000 to $68,000.
- June 18: 24-hour liquidation volumes crossed $300 million, when Bitcoin fell from $67,000 to $64,000.
Future Projections
The current Bitcoin price is struggling to hold $61,000, with approximately a 5% decline in the last 24 hours. If bulls fail to maintain this support level, the possibility of the price dropping to the $50,000 territory becomes much higher.
In summary, if the Bitcoin price continues to fall, we could quickly see liquidation volumes exceeding $300 million. Traders should remain vigilant and consider their positions carefully to avoid significant losses.
