Over $700,000,000 in Bitcoin, Ethereum and Other Crypto Assets Liquidated in 24 Hours As BTC Falls Below $69,000

Hundreds of millions of dollars worth of Bitcoin (BTC), Ethereum (ETH) and other crypto assets have been liquidated during the last 24 hours as BTC plunges back below its previous all-time high.

New data from market intelligence platform Coinglass reveals that during the last day, $260 million worth of Bitcoin was liquidated, the overwhelming majority of them being long positions.

Coinglass also finds that $122 million worth of the leading smart contract platform has been liquidated during the same time frame, bringing the total amount of liquidated digital assets to a staggering $727 million during the last day.

Other prominent digital assets that saw at least $10 million worth of liquidations include ETH rival Solana (SOL), popular meme assets Dogecoin (DOGE) and Pepe (PEPE), Binance Coin (BNB), the native asset of the world’s largest crypto exchange platform, and Worldcoin (WLD), a privacy-focused eye-scanning project founded by OpenAI chief executive Sam Altman.

Coinglass’ data also reveals that most of the liquidations came from four prominent crypto exchange platforms – Binance, OKX, Bybit, and Huobi. Binance and OKX both saw over $260 million worth of option contracts wiped out while Bybit and Huobi saw $84 million and $56 million each, respectively.

Bitcoin is trading for $68,407 at time of writing, a 5% decrease during the last day and a 7% drop from its new all-time high of $73,580 set earlier this week.

The flagship digital asset’s previous all-time high was set in November 2021 when it reached $69,000.