Crypto▼ Bearish
$386M in crypto longs vanish as Bitcoin falls below $94K
Bitcoin hit $94K lows as $386 million in crypto longs were force-closed on Binance, Bybit, and OKX. Ether lost 5.5% during the flush. Open interest dropped 4%.
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A wave of forced selling hit crypto markets over the past day, with $386 million in long positions liquidated across Binance, Bybit, and OKX. Bitcoin fell below $94,000 at one point, and ether dropped through $3,300 before both recovered part of the slide.
The liquidations clustered around the U.S. afternoon session on Tuesday, when spot selling accelerated and leveraged accounts got caught on the wrong side of the move. Open interest on Bitcoin futures across major exchanges dropped roughly 4% during the flush, exchange data show, confirming the deleveraging.
Bybit saw the heaviest single-exchange liquidation volume at roughly $112 million in long positions, followed by Binance near $98 million, according to Coinglass data. OKX recorded about $76 million in forced closed longs.