Bitcoin 5% flash crash leads to $165M in leveraged crypto liquidations.
A sudden 5% drawdown in the price of Bitcoin
BTC tickers down $66,157 on Tuesday has seen traders with leveraged exposure to Bitcoin and other cryptocurrencies rack up over $165 million in losses in less than two hours.
Bitcoin plunged 5% from $69,450 to as low as $65,970 in less than 30 minutes in early hours on March 2 UTC, per TradingView data.
According to data from Coinglass, Bitcoin’s sharp wick down saw more than $165 million in leveraged positions wiped out, with just over $50 million in Bitcoin longs and more than $40 million in Ether
ETH tickers down $3,338 longs accounting for the bulk of that figure.
Roughly $6 million in long positions on Dogecoin
DOGE tickers down
$0.18 and $4 million in Solana’s SOL
SOL tickers down $182 were liquidated, trailing BTC and ETH.
Around the same time as the drawdown, Bitcoin exchange-traded funds (ETFs) posted a net outflow of $86 million, breaking a four-day positive inflow streak, per FarSide data.
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