$185M Liquidated In Crypto Sell-Off As Bitcoin, Ethereum, Dogecoin Plummet Amid Volatile Market

Over the past 24 hours, the cryptocurrency market experienced significant liquidations totaling over $185.97 million. These liquidations included long and short positions, with longs accounting for over $144 million and shorts totaling $41 million.

What Happened: CoinGlass data further reveals that during the past 24 hours, a total of 51,217 traders experienced liquidations. 

The largest single liquidation order occurred on Bitmex with a value of $8.96 million Bitcoin BTC/USD.

BTC witnessed the highest liquidation value, surpassing $86 million, followed by Ethereum ETH/USD with $36 million, and Dogecoin DOGE/USD with over $2.44 million in liquidations.

BTC, ETH and DOGE were down 1.12%, 2.33% and 0.10%, respectively.

Blockchain data reveals that prominent firms such as Jump Trading, Wintermute, and Abraxas Capital made substantial deposits of cryptocurrencies to various exchanges during Monday’s market sell-off. These deposits were made in Bitcoin, Ethereum, and Arbitrum’s ARB token.

As an asset manager, Abraxas Capital transferred 14,130 ETH worth approximately $22.5 million to Bitfinex in two separate transactions. Jump Trading, a major market maker, sent nearly 236 BTC valued at $5.9 million to Binance in a single installment. Wintermute, another significant market maker, deposited more than $3.3 million worth of ARB to Binance over the past eight hours, as blockchain analytics firm Arkham Intelligence reported.

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Why It Matters: These deposits coincided with a sharp downturn in the crypto markets, fueled by concerns regarding FTX, potentially liquidating its $3.4 billion crypto holdings. 

Additionally, historical data from Coinglass indicates that September tends to be volatile for digital assets, with Bitcoin consistently registering negative returns since 2016.

Photo by SvetlanaParnikova on Shutterstock

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