$BTC to the moon

According to PANews, approximately $533 million worth of crypto long-term contracts were liquidated as Bitcoin (BTC) fell below the $63,000 level. Since reaching its all-time high (ATH) of $73,800, BTC's fate has changed, with the digital asset now showing a bearish trend.

In the past 24 hours, BTC continued its recent decline, with its price falling by more than 7%. For the first time in weeks, BTC dropped to the $62,600 level, meaning that its decline has exceeded 15% since its ATH.

Although BTC's performance in the past day was not good, the average performance of other assets in the industry was even worse, with some assets experiencing double-digit losses.

Due to these fluctuations, the derivatives market also experienced turbulence, with liquidations piling up on various exchanges.

A contract is said to be "liquidated" when its accumulated losses reach a certain level, causing its open platform to intervene and forcibly close the contract.

According to CoinGlass data, several such liquidations occurred in the crypto asset field within the past 24 hours. It appears that nearly $657 million worth of crypto asset derivative contracts were liquidated during this time.

Given today's market price trend is heavily biased towards the downside, it is not surprising that the majority of liquidations involved long-term contracts.

More specifically, the long market experienced $533 million in liquidations, while the short market suffered a $123 million hit. Over 80% of liquidations involved those who bet on BTC's rise.

In terms of single liquidation amounts, BTC and Ethereum (ETH) once again topped the list, with liquidation amounts of $191 million and $134 million, respectively.

Among other assets, Solana and Dogecoin stood out with liquidation amounts of $39 million and $14 million, respectively. The large-scale liquidation of these assets may be partly due to their larger declines compared to other well-known assets.

Despite the large amount of liquidations, BTC's open interest remains at relatively extreme levels. Open interest measures the total number of contracts related to BTC in the derivatives market.

Generally, when this indicator is high, BTC is more prone to fluctuations, so the sharp price swings may continue until the indicator cools down further.