Crypto Liquidations Top $218M In A Day As Bitcoin Loses $30K Level Again

More than 74,000 crypto traders saw liquidations worth $218.4 million over the last 24 hours.

What Happened: Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD saw some momentary relief on Sunday evening, before recording another sharp decline during the early hours of Monday morning.

ETH traders were the worst hit, seeing $76.46 million worth of liquidations over the last day, as per data from CoinGlass. The single largest liquidation order took place on crypto exchange OKX where the trader in question lost $2.32 million on an ETH-USDT perpetual swap.

BTC traders saw $60.73 million in liquidations over the same period. Comparatively minor liquidations were observed in other altcoin trading pairs. Among the tokens, Solana SOL/USD recorded $8.06 million in liquidations and Terra LUNA/USD traders lost $4.25 million on their open positions.

The majority of trades in the last day’s liquidations were open long positions, particularly in the ETH trading pairs which saw 79% of longs liquidated.

This comes in stark contrast to yesterday which saw the largest amount of ETH short liquidations – in excess of $666 million – over the last three years.  

Mostly spot $ETH on binance.

~100k ETH sold in 10 minutes, -20k ETH on derivs. pic.twitter.com/keZopM3q5W

— Zaheer (@SplitCapital) June 7, 2022

Price Action: According to data from Benzinga Pro, the leading cryptocurrency Bitcoin BTC/USD was trading at $29,620, down 5% over the last 24 hours. Ethereum ETH/USD was down 6% and traded at $1,754.