🩸 Crypto Carnage: $644M Wiped as BTC Drops Below $105,000

Since Bitcoin and other assets have fallen, the cryptocurrency market has seen several protracted liquidations.

Over the last day, crypto liquidations exceeded $712 million.
CoinGlass data shows that the derivatives market is in upheaval after Bitcoin and the company's 24-hour volatility.

The table below displays cryptocurrency liquidations during this timeframe.

Their technology forced the closure of about $712 million in bitcoin contracts in the last day. These included $477 million in the past 12 hours.

Bitcoin and altcoins have declined, so it's not surprise that liquidations have mostly hurt long investors. More precisely, bullish bettors have been engaged in almost 90% of the flush.

Mass liquidation events like this recent one are called squeezes, and this one is a long squeeze due to the bullish imbalance. In a squeeze, several liquidations occur at once and feed back into the move that generated them. This causes a chain of liquidations, making such situations volatile.

The heatmap below indicates which coins contributed most to the long squeeze.

Bitcoin and Ethereum, the top two cryptocurrencies by market size, have also topped this list, with $221 million and $116 million liquidations, respectively.

Instead of XRP, Solana, which has a lesser market cap, ranks third. SOL's $32 million in liquidations may be due to its bigger fall than XRP.

Bitcoin's decline began earlier, with May 22nd's $112,000 high being the peak. The on-chain analytics startup Santiment reported a whale activity increase at this point.

The figure shows the “Whale Transaction Count,” which shows how many whale-sized transactions occur on the BTC network daily.

Both metrics—tracking transactions worth more than $100,000 and $1 million—rose to a high level earlier this month, suggesting that profit-taking from these massive companies drove Bitcoin to a peak.

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