The fall of bitcoin to its lowest levels since mid-March provoked another large-scale position in the futures market. Liquidations amounted to just over $430 million in the last 24 hours.
The exchange cancels the trader's position in case of partial or complete loss of his initial margin. Liquidations occur in the futures market as opposed to the spot market where investors own the asset.
Almost 90% of the liquidations were in long-term positions (longs) of $386 million. Bitcoin traders lost $156 million (according to CoinGlass).
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Ethereum (ETH) and Solana (SOL) follow with $102.85 million and $12.41 million, respectively. The largest liquidation took place on the OKX crypto exchange ($149 million).
The crypto market has experienced a strong drop this week along with business activity indices. For example, the American indicators Dow 30 and Nasdaq closed the day before with a decrease of more than 2%.
Asian and European markets also suffered losses today, so the exit of capital from the cryptosphere did not come as a surprise to most observers.