Crypto▼ Bearish
Crypto derivatives liquidations hit $113M, Bitcoin prediction odds slide
Liquidations wiped $113M from leveraged crypto positions in 24 hours. Prediction market odds for Bitcoin reaching $67,500 in July fell to 34.5% from 46%.
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Crypto derivatives liquidations wiped out $113 million in leveraged positions over the past 24 hours, with Bitcoin futures and perpetuals accounting for the bulk of the activity, according to Cointelegraph. The figure, while below the $300 million-plus flushouts seen in early 2024, still marks the largest single-day liquidation event in two weeks.
The liquidation wave coincided with a shift in prediction market probabilities for Bitcoin price targets in July. The odds of Bitcoin reaching $67,500 fell to 34.5% from 46% a week earlier, according to betting data. The probability of hitting $82,500 remained below 10% throughout the period.
Bitcoin's price slipped 3.2% over the same 24 hours, settling near $63,200. The move accelerated after a batch of leveraged long positions in perpetual swaps got squeezed, exchange data shows. Funding rates on Binance and Deribit turned negative for the first time this month, a sign that short positions now carry a premium.