Record Liquidations
According to CoinGlass, 190,000 traders were liquidated in the last 24 hours. Total losses approached $970 million. The largest losses were incurred by market participants with short positions — they lost $836 million. This liquidation has become the largest since 2021. According to analysts, the real figures for the damage may be even higher.
Meanwhile, the number of long positions has sharply increased. Because of this, traders are facing a new risk: mass liquidations of longs could provoke a sharp correction in Bitcoin. According to CoinGlass, if BTC drops below $100,000, long positions worth over $2 billion could be closed on cryptocurrency exchanges.
In the event that the price of Bitcoin falls below $98,000, the total liquidation volume will reach $3.45 billion. This indicates a change in sentiment among traders. Many of them are betting on the continued growth of BTC, using high leverage. This is indicated by the open interest (OI) in Bitcoin futures, which reached a record $67.4 billion. Each time OI exceeded the $65 billion mark, a correction followed.
