$440 Million Liquidated as Bitcoin Slumps

Bitget2024/03/20 07:00

By:Bitget

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Bitcoin's recent dip below $64,000 resulted in over $440 million in liquidation losses for futures traders. This drop also impacted major cryptocurrencies like Ethereum, Solana, and Dogecoin, with predictions suggesting Bitcoin could further decline to $55,000. Long positions on Bitcoin alone suffered $100 million in losses, while Ethereum, Solana, and Dogecoin faced a combined $120 million in long liquidations.

$440 Million Liquidated as Bitcoin Slumps image 0

The liquidations, occurring when traders fail to meet margin requirements for leveraged positions, were triggered by Bitcoin's downward trend, exacerbated by record-high outflows from Grayscale's GBTC. Despite this, some traders maintain a long-term bullish outlook, anticipating Bitcoin to rebound after potentially reaching the $55,000 level.

In the broader market, major tokens experienced significant declines, with ETH, SOL, and ADA dropping up to 8%, according to CoinGecko data. Despite short-term uncertainties, ongoing developments in the crypto space, including regulatory measures and investor sentiment, are expected to influence future market movements.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, both BTC and ETH experienced significant decreases in open interest in their futures markets. Despite this, trading volume surged for both, with BTC seeing a 53.73% increase and ETH witnessing a 48.36% rise, indicating heightened market activity amidst the price drops. In addition, the slumps in prices of both BTC and ETH led to a notable increase in liquidations, particularly of long positions, which significantly surpassed those of shorts.

Bitcoin Futures Updates

Total BTC Open Interest: $33.48B (-3.25%)

BTC Volume (24H): $144.08B (+53.73%)

BTC Liquidations (24H): $136.32M (Long)/$78.65M (Short)

Long/Short Ratio: 49.98%/50.02%

Funding Rate: 0.0205%

Ether Futures Updates

Total ETH Open Interest: $12.17B (-6.95%)

ETH Volume (24H): $62.64B (+48.36%)

ETH Liquidations (24H): $124.67M (Long)/$23.85M (Short)

Long/Short Ratio: 50.09%/49.91%

Funding Rate: 0.0131%

Top 3 OI Surges

DATA: $1.51M (+59.67%)

VANRY: $13.62M (+35.78%)

FTM: $331.60M (+32.31%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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