MASSIVE $657 MILLION LIQUIDATED WITHIN PAST 24 HOURS....😱😱

Since setting a new ATH above the $73,800 mark, Bitcoin’s fates have changed as the digital asset has switched to experiencing bearish momentum instead....

The coin has extended this latest drawdown in the last 24 hours, dropping its price by more than 7%.

Bitcoin has plunged to the $62,600 level for the first time in a few weeks. This means that BTC has declined by over 15% since the ATH.

It would appear that almost $657 million in cryptocurrency derivative contracts have been liquidated in the past day. Given that the price action in the market today has been heavily towards the downside, it’s not surprising that the vast majority of this flush involved long contracts.

More specifically, the long side of the market has suffered $533 million in liquidations, while the short side has been dealt a $123 million blow. More than 80% of the liquidations have involved those betting on a bullish outcome for the asset.

In terms of the individual symbols, Bitcoin and Ethereum have again been at the top of the charts, with $191 million and $134 million in liquidations, respectively while Solana (SOL) and Dogecoin (DOGE) have stood out with their $39 million and $14 million liquidations, respectively. Their large flushes may be partially due to their sharper drops than the other alts.

The largest single liquidation order happened on OKX - BTC-USDT-SWAP value $12.25M...