Over 80,000 Traders Faces Liquidation
The data provided by Coinglass sheds light on the magnitude of the liquidations, revealing that approximately 86,047 traders suffered losses exceeding $250 million within a mere 24-hour period.
Major exchanges like Binance, OKX, Bybit, and Huobi were the arenas for these significant financial setbacks, with Binance traders bearing the brunt of the liquidations.
Particularly, Binance recorded $128.7 million in liquidations, while other major platforms such as OKX, Bybit, and Huobi also experienced significant liquidations, amounting to $99.87 million, $33.18 million, and $17.70 million, respectively. Meanwhile, despite also facing liquidations, the smaller exchanges had a comparatively minor impact.
Most affected positions were short trades, reflecting a widespread anticipation of a market downturn that did not materialize as expected. Short positions recorded an estimated 57.55% of the liquidations, equivalent to $164.10 million, from traders betting against the market.
Source: CoinMarketCap News
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