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Options traders are seeing hundreds of millions of dollars worth of losses as Bitcoin (BTC) suddenly plummets below $57,000 and altcoins collapse.
According to crypto data aggregator Coinglass, over $379 million in liquidations have occurred in the last 24 hours — nearly 90% of them from leveraged long positions.
Binance, the world’s largest crypto exchange platform by volume, hosted the largest amount of liquidations at $181.38 million, followed by $101.07 million on OKX, $47.06 million on Huobi and $37.72 million on Bybit.
Coinglass reveals that during the last day, $115.59 million worth of Bitcoin was liquidated, the overwhelming majority of them being long positions. Coinglass also finds that $100.76 million worth of the leading smart contract platform Ethereum (ETH) has been liquidated during the same time frame.
Other prominent digital assets that saw large liquidations include ETH rival Solana (SOL) at $17.87 million, meme asset Dogecoin (DOGE) at $6.7 million, layer-1 blockchain Toncoin (TON) at $5.37 million, artificial intelligence-focused project Worldcoin (WLD) at $4.6 million, and BNB at $4.15 million.
In the past 24 hours, 131,492 traders were liquidated, according to Coinglass. The largest single liquidation order happened on Binance in the ETH/USDT pair for a value $18.48 million.
In the last 24 hours, Bitcoin traded from a high of $60,584 to a low of $56,836. The top crypto asset by market cap is trading for $57,369 at time of writing, down nearly 5% during the last day, while Ethereum is trading for $3,121.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/wacomka
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