Bitcoin (BTC) liquidations hit a three-year record amid a new drop in BTC price. New research from X account Ltd reveals “crazy” trader behavior as the total crypto market cap fell by as much as 11% on Dec. 9.

Coinbase traders “aggressively” sold Bitcoin. This selling pressure pushed the price into a zone where overleveraged positions were forced to close.

CoinGlass data shows that total crypto liquidations reached $1.6 billion in 24 hours. BTC long positions suffered less losses than ETH long positions.

What do you think about these developments? We welcome your comments.