Data shows that following the volatility of Bitcoin and other currencies in the past day, there has been a significant amount of liquidation in the cryptocurrency industry.
Bitcoin experienced a rollercoaster of volatility in the past 24 hours.
In the past day, Bitcoin and the entire cryptocurrency market have gone through a crazy period, with significant price fluctuations. Especially BTC, whose price experienced quite severe rollercoaster-like volatility, swinging up and down.
The chart below shows the recent price trend of the leading digital asset.
As shown in the figure, Bitcoin's price first fell from a high of about $105,800 to a low of $100,400, and then rebounded to $104,100.
The cryptocurrency is still declining overall in the past day, but the drop is less than 2%. Other cryptocurrencies haven't been so fortunate, as their prices haven't adjusted to the same extent. Ethereum is still down nearly 6%, while Dogecoin has dropped about 7%.
A turbulent storm has erupted in the industry following a public quarrel between U.S. President Donald Trump and Tesla founder Elon Musk. The argument began when Trump expressed his disappointment over Musk's criticism of the 'Beautiful Package' bill during a meeting in the Oval Office. Musk had previously referred to the bill as 'disgusting.'
The two continued to bicker on social media, with the SpaceX founder even accusing the president of being involved with the Epstein files. 'This is the real reason those files haven't been made public,' Musk said in a post on X.
Cryptocurrency liquidation is nearing one billion.
Given the severe volatility of Bitcoin and its related assets in the past day, it is expected that the derivatives market would also be impacted. According to CoinGlass data, there have been large-scale liquidations across major centralized exchanges.
Here, 'liquidation' refers to the forced closing of any open contracts when losses reach a certain percentage.
As the table shows, the total liquidation amount in the cryptocurrency market reached as high as $970 million in the past 24 hours. Among this, long investors accounted for $854 million, making up 88% of the total liquidation amount. This is naturally due to the overall price drop during this period.
As usual, Bitcoin and Ethereum lead the liquidation field, contributing $346 million and $286 million, respectively.
Large-scale liquidation events are commonly referred to as 'squeezes.' Given that long positions occupy the vast majority in the latest event, it can be termed a long squeeze.
