On Thursday, January 8, nearly $150 million in leveraged crypto long positions were liquidated within a single hour as Bitcoin (BTC) prices once again dipped below $90,000.
$88.23 million in longs were wiped at around 7:00 a.m. (UTC), followed by an additional $57.02 million at 8:00 a.m. (UTC), per real-time liquidation data Finbol retrieved from CoinGlass.
The biggest number of liquidations ($45 million all in all) took place on the Hyperliquid cryptocurrency exchange, which also saw the single largest liquidation order, valued at $3.63 million.
Adjusting for the new figures, a total of $464.44 million in crypto has been rekt in the past 24 hours, with more than 137,000 traders being affected.
Bitcoin liquidations skyrocket as price drops
Bitcoin was the most affected, accounting for $66.53 million, nearly double the $33.78 million recorded by Ethereum (ETH).
As mentioned, the sell-off was driven primarily by Bitcoin’s flash crash, which dragged the price down to $89,600 and showed just how fragile leveraged trades can be in a volatile environment.
Likewise, the liquidations followed significant outflows from U.S. spot Bitcoin ETFs, with $486 million in total daily net redemptions (the largest single-day outflow since November 20), recorded the day prior.
In the aftermath, a number of digital assets have been left in the red on the daily chart. Bitcoin, although it’s again trading above $90,000, is still down 1.7%, while Ethereum fell 2.8%, now being priced at $3,125. XRP, which saw more than $6 million liquidated in the same hourly frame, has plummeted 6.8%, changing hands at $2.10.
In sum, the broader crypto market has lost 2.19% in value, going from $3.21 trillion on January 7 down to $3.09 trillion at press time, according to CoinMarketCap.
Featured image via Shutterstock
