Options traders are facing significant losses amounting to hundreds of millions of dollars as Bitcoin (
BTC
) sharply drops below $57,000 and altcoins take a nosedive.
Crypto data aggregator Coinglass reports that in the past 24 hours, liquidations have reached over $379 million, with nearly 90% stemming from leveraged long positions. Binance, the world’s leading crypto exchange by volume, saw the highest liquidations at $181.38 million, followed by OKX with $101.07 million, Huobi with $47.06 million, and Bybit with $37.72 million.
Coinglass indicates that within the last day, $115.59 million worth of Bitcoin was liquidated, predominantly from long positions. Additionally, $100.76 million worth of Ethereum (
ETH
), the foremost smart contract platform, was liquidated over the same period.
Other notable cryptocurrencies experiencing substantial liquidations include Solana (
SOL
) at $17.87 million, Dogecoin (
DOGE
) at $6.7 million, Toncoin (
TON
), a layer-1 blockchain, at $5.37 million, Worldcoin (
WLD
), an AI-focused project, at $4.6 million, and
BNB
at $4.15 million.
In the last 24 hours, Coinglass reports that 131,492 traders were liquidated. The largest single liquidation order, valued at $18.48 million, occurred on Binance in the ETH/USDT pair.
Bitcoin’s trading range in the past day has been from a high of $60,584 to a low of $56,836. At the time of writing, Bitcoin is trading at $57,369, a drop of nearly 5% in the last 24 hours, while Ethereum is priced at $3,121.
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Disclaimer: The opinions expressed at The Daily Hodl do not constitute investment advice. It is essential for investors to conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your trades and transfers are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor. Additionally, The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/wacomka
