After Bitcoin fell below $66,000 and Ethereum dropped below $1,900, the crypto market experienced massive deleveraging in the past 24 hours. CoinGlass data shows that approximately $1.84 billion in leveraged positions were forcibly liquidated, marking the largest single-day liquidation since February 5th.
Bulls became the main force behind this round of margin calls.
This round of liquidation was almost entirely borne by the long positions. Data shows that the amount of long positions liquidated was approximately $1.66 billion, while the amount of short positions liquidated was approximately $180 million.
Of these, Bitcoin longs lost approximately $884 million, Ethereum longs lost approximately $476 million, and Solana longs lost approximately $91.18 million. The remaining liquidations were distributed across assets such as DOGE, SUI, BNB, NEAR, AAVE, and LINK.
The largest single liquidation occurred on HTX, where a BTC-USDT long position was closed, amounting to approximately $59.67 million.
Binance and other platforms handle the majority of liquidation volume.
By trading platform, Binance processed approximately $748 million in liquidations, accounting for about 41% of the total, with 89% of those being long positions. Hyperliquid processed approximately $314 million in liquidations, with 94% being long positions; Bybit processed approximately $247 million in liquidations, with 93% being long positions.
Bitcoin's price retreated from above $71,000 to around $65,700, triggering consecutive liquidations on major trading platforms. The article mentions that if the price falls below $65,000, the market may further test the $60,000 area.
Open interest rose despite the decline.
It's worth noting that open interest in Bitcoin futures contracts did not decrease in tandem with liquidations. CoinGlass data shows that the number of contracts rose from approximately 759,000 BTC to 788,600 BTC.
A price decline coupled with an increase in open interest typically indicates that while the market is clearing out old long positions, new short positions are also entering. This suggests that the market has not yet significantly completed position clearing after this round of decline.
Looking at the trader structure, retail Bitcoin accounts on Binance, OKX, and Bybit still tend to be long, with long-short ratios of approximately 2.22, 2.01, and 1.58, respectively. In contrast, the long-short ratio of large accounts on OKX has dropped to 0.54, indicating that their positions are more bearish.
During the same period, active trading volume also leaned towards selling. Statistics show that selling volume was approximately $65.39 billion, higher than buying volume of $60.16 billion, indicating that selling pressure still prevailed.
