Up to 150 million dollars in crypto long positions that were traded with leverage were liquidated in just one hour on Thursday, January 8, as Bitcoin (BTC) dropped below the $90,000 level once more.
Real-time data from CoinGlass, as reported by Finbold, shows that roughly 88.23 million dollars worth of long positions ceased to exist approximately at 7:00 a.m. UTC. The next wave of liquidations worth roughly 57.02 million dollars occurred at 8:00 a.m. UTC as selling continued.
Hyperliquid was the place where the biggest part of the liquidations, about 45 million dollars, occurred. The exchange also experienced the largest single liquidation order of 3.63 million dollars.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
With this last round of liquidations, the total liquidations of cryptocurrencies for the past 24 hours increased to $464.44 million. More than 137,000 traders got affected as the price of Bitcoin became unstable and the traders with leverage could not cope with it.
Bitcoin Leads Losses as ETF Outflows Deepen Market Pressure
The asset that suffered the most was Bitcoin, which lost up to 66.53 million dollars, almost double the 33.78 million dollars of Ethereum (ETH) loss.
The forced liquidations came mainly from a sudden Bitcoin price drop that reduced its value to 89,600 dollars. Such a price movement clearly exposed on the market how vulnerable leveraged trading was.
Liquidations, to some extent, were prompted by considerable withdrawals from U.S. spot Bitcoin ETFs. On the previous day, total daily net outflows had reached 486 million dollars, making it the biggest single-day outflow since November 20.
After the disruption, daily losses in the chart were seen for several top digital assets. Bitcoin climbed above the ecstatic $90,000 mark, but its price was down by 1.7% nevertheless. Ethereum was sold off by 2.8% to about $3,125. XRP, which had over 6 million dollars liquidated during that hour, lost 6.8% and was going for 2.10 dollars.
Overall, the crypto market lost 2.19% of its value, slipping from $3.21 trillion on January 7 to $3.09 trillion at press time, according to CoinMarketCap.
