The crypto derivatives market had a rough Wednesday. More than $315 million in leveraged positions were forcibly closed within a single 24-hour window, with long traders absorbing the overwhelming majority of the damage.
Bitcoin slipping below the $60,000 support level was the match that lit the fuse, and an over-leveraged market provided plenty of fuel.
The breakdown, by asset
Bitcoin led the carnage, accounting for $152 million of the total liquidations. Of that figure, 92.91% were long positions, meaning traders who had bet on continued upside got caught badly offside.
Ethereum was not far behind. ETH traders saw $148 million liquidated, with 84.3% of those on the long side. Solana added roughly $15.17 million to the tally, with approximately 91% of those also longs.
