$205M Liquidated As Bitcoin Volatility Spikes: Are Longs Or Shorts Worse Off Today?

The cryptocurrency market saw $205 million worth of liquidations in 24 hours as Bitcoin BTC/USD surged above $41,000 on Wednesday.

What Happened: According to data from CoinGlass, more than 40,000 traders were liquidated with the single largest liquidation occurring on OKX. The trader lost $6.44 million on a BTC/USDT swap.

Bitcoin liquidations alone amounted to $92 million in the last day, while Ethereum ETH/USD saw $49 million worth of liquidations.

The largest amount of liquidations occurred over a one-hour time frame when Bitcoin suddenly spiked 5% to an intra-day high of $41,465.

Bitcoin erased these gains entirely just 90 minutes later when it fell back to $39,000 – a level that it has been trading around for the past five days.

“In the end, shorts got the worse deal here with over $47 million in short liquidations in an hour vs. just under $10 million in long liquidations so far,” commented CryptoQuant author On-Chain College on Twitter.