🚫The Bitcoin downturn led to liquidations of nearly $700 million
The sharp decline in the exchange rate caused mass liquidations of leveraged positions. According to Coinglass, nearly $700 million was liquidated on major crypto exchanges in one day, of which more than $200 million was in Bitcoin longs. More than 200,000 traders faced losses.
Liquidations occur when a leveraged position goes so far into the negative that the trader’s collateral is insufficient to cover the losses. In this case, the exchange forcibly closes the losing trade.
This week's hero can confidently be called the trader with Hyperliquid under the pseudonym James Wynn. Over the week, he lost nearly $100 million trading against the market.
By the way, he continues to trade, having opened a new position that is already at a loss of $3.5 million.