Crypto Wipeout ⚡ – $700M Liquidated, Metaplanet Buys Big With 5,419 BTC

CoinGlass data shows that more than $630 million worth of leveraged crypto holdings were sold off in the last 24 hours.

Long holdings made up 89% of the transactions that were wiped out. The biggest single liquidation was a $12.66 million BTCUSD order on Binance.

Metaplanet bought 5,419 more BTC, bringing its total to 25,555 BTC.

There was a lot of movement in the crypto markets in the last 24 hours. More than $630 million in leveraged positions were closed, with 89% of them being long bets. This shows that people were too optimistic. Even if the market fell, institutional investors stood strong as Metaplanet bought 5,419 BTC to add to its Bitcoin holdings.

In the previous 24 hours, more than 218,000 dealers lost their money.
The cryptocurrency market began the week off on a bad note. Major cryptocurrencies including Bitcoin (BTC) fell below $115,000 during the early Asian trading session on Monday. Altcoins like Ethereum (ETH), Ripple (XRP), and Solana (SOL) fell back, but meme currencies fell much more.

According to Coinglass statistics, this abrupt drop caused a lot of traders to sell off their holdings, with more than 218,000 traders selling off stakes worth more than $630 million in the previous 24 hours. Most of the positions, 89%, were long, which shows how optimistic the market was. A BTCUSD stake worth $12.66 million was the biggest single liquidation on Binance.

Metaplanet's treasury now has 5,419 BTC.

Even if the price of Bitcoin went down, institutional demand for it began the week off well. Metaplanet, a Japanese investment company, said on Monday that it had bought 5,419 more BTC, increasing its total to 25,555 BTC.

But traders should still be careful since the BTC daily chart below reveals that it is hovering near its 50-day Exponential Moving Average (EMA), which is a significant support level around $114,009.

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