$1.7 billion in liquidations sweep crypto markets over past day as bitcoin slide sparks broader selloff

The Block

The cryptocurrency market saw roughly $1.7 billion in total liquidations in the past 24 hours, according to public data aggregated on Coinglass.

Coinglass data showed that of the $1.7 billion in liquidations, about $1.62 billion came from long positions. Within the past four hours alone, roughly $1.09 billion was liquidated, including about $1.06 billion in longs.

In the past 24 hours, over 404,000 traders were liquidated, with the total liquidations reaching $1.7 billion. The largest single liquidation order was a $12.74 million BTC-USDT swap on OKX, according to the data.

Liquidations occur when a trader’s positions in a particular market are forcibly closed due to significant losses or insufficient margin to meet the maintenance requirements. The liquidation figures are typically based on publicly available data, which may significantly understate the true extent of market liquidations. In many cases, API limits and incomplete reporting practices result in only a fraction of actual liquidation activity being captured by data aggregators. This incomplete data can lead to an underestimation of market risk and volatility, ultimately distorting the overall picture.

The surge in liquidations came as bitcoin fell 2.5% in the past 24 hours to trade at $112,890, and ether dropped 6.2% to $4,196 at the time of writing, according to The Block's price page.

Analysts told The Block on Monday that although the Fed’s September interest rate decision was once viewed as a pivotal moment for cryptocurrency prices, the market’s bull cycle may have largely run its course.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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$1.7 billion in liquidations sweep crypto markets over past day as bitcoin slide sparks broader selloff

Risk Disclosure