Crypto Carnage: Liquidations Reach Highest Level Since FTX Collapse

Crypto Crash Fuels Mass Liquidations

According to CoinGlass, $675 million** worth of crypto has been liquidated in the past 24 hours. Long positions account for the majority ($578 million). Over the past four hours, liquidations have exceeded $227 million**.

Binance Dominates Liquidations

The largest liquidation occurred on Binance, with a single trader losing $18 million**. Bitcoin has seen the most liquidations, with $184 million in long positions and $41 million in short positions lost. Ethereum and Solana follow in second and third place, respectively. Dogecoin also appears in the top 5.

Binance led in total liquidated crypto at $343.41 million**, followed by OKX ($171 million) and Huobi ($71 million).

Mt. Gox Transfer Impacts Market

The recent crash was exacerbated by a large transfer from Mt. Gox, an defunct crypto exchange. The transfer is part of a Bitcoin distribution process, leading to speculation that creditors may liquidate their holdings.

Bitcoin and Altcoins Fall Deep

Bitcoin has dropped over 8% in 24 hours, reaching a five-month low of $53,350**. Major altcoins, including Solana, have experienced double-digit losses.

Liquidation Spree Reminiscent of FTX Collapse

The market plunge has triggered a liquidation spree similar to that seen after the FTX collapse in December 2022. Trader DonAlt predicts Bitcoin is unlikely to regain $60,000** and suggests the current cycle may have peaked.