Data shows that following the fluctuations of Bitcoin and other currencies in the past day, there has been a large amount of clearing in the cryptocurrency industry.
Bitcoin has experienced a rollercoaster of fluctuations in the past 24 hours
In the past day, Bitcoin and the entire cryptocurrency market have gone through a wild period, with significant price fluctuations. Especially Bitcoin, whose price has experienced quite dramatic rollercoaster fluctuations, moving up and down.
The chart below shows the recent price trends of the leading digital asset.
As shown in the graph, Bitcoin's price first fell from around $105,800 to a low of $100,400, then rebounded to $104,100.
The cryptocurrency has overall still been declining in the past day, but the drop is less than 2%. Other cryptocurrencies have not been so lucky, as their prices have not retraced to the same extent. Ethereum is still down nearly 6%, and Dogecoin has dropped about 7%.
Following the public dispute between U.S. President Donald Trump and Tesla founder Elon Musk, the industry has been thrown into a turbulent storm. The argument began when Trump expressed his 'disappointment' at Musk's criticism of the 'beautiful package bill' during a meeting in the Oval Office. Musk had previously called the bill 'disgusting.'
The two have been arguing incessantly on social media, with the SpaceX founder even accusing the president of being involved in the Epstein files. "This is the real reason these files haven't been made public," Musk said in a post on X.
Cryptocurrency liquidations are approaching one billion
Given the severe fluctuations of Bitcoin and its related assets in the past day, it is expected that the derivatives market has also been impacted. According to CoinGlass, there has been a large amount of clearing across major centralized exchanges.
Here, 'liquidation' naturally refers to the forced closing of any open contracts when losses reach a certain percentage.
As shown in the table, the total amount of clearing in the cryptocurrency market over the past 24 hours reached $970 million. Among this, long investors accounted for as much as $854 million, representing 88% of the total clearing amount. This is naturally due to the overall decline in prices during this period.
As usual, Bitcoin and Ethereum are leading the clearing space, contributing $346 million and $286 million, respectively.
Massive liquidation events are commonly referred to as 'squeezes.' Given that the bulls held the vast majority of shares in the latest event, it can be termed a bull squeeze.
