Bitcoin, ether whipsaw wipes out $280 million even as prices remain flat over 24 hours
Cryptocurrency markets experienced $286 million in liquidations as Bitcoin and Ether prices remained volatile despite flat overall performance. The market turbulence was exacerbated by Federal Reserve rate decisions and a broader selloff in semiconductor-related equity derivatives.
Why it matters
The integration of crypto-derivative platforms for betting on traditional tech stocks demonstrates the increasing financial interconnectedness between volatile digital assets and the semiconductor industry.
About $286 million in positions were liquidated across 87,294 traders in 24 hours, according to CoinGlass, while bitcoin closed flat at roughly $63,900 and ether slipped to $1,900. Longs accounted for $186 million of the damage and shorts $100 million, the signature of a market that moved hard in both directions and settled back where it started.
Bitcoin’s split shows it plainly. Roughly $57 million of bitcoin positions were cleared, and the balance was almost even, about $28 million in longs against $29 million in shorts. The price swung between $63,247 and $64,660 during the window, a range of barely 2%, which was enough to clear traders positioned either way.
Ether recorded the largest total at about $58 million, tilted toward longs, as prices ranged between $1,920 and $1,850.
The single biggest liquidation was a $2.9 million bitcoin position on Binance.
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