Crypto Market Sees Over $1.2 Billion in Liquidations
The crypto market faced more than $1.20 billion in liquidations in the last 24 hours. Data from Coinglass shows 319,433 positions were liquidated on Monday. Long positions made up most of the losses, totaling over $1.1 billion. Short liquidations were about $115.5 million.
The liquidations followed a sharp price drop in Bitcoin (BTC) and Ethereum (ETH). BTC fell from $108,000 to $105,000, while ETH dropped from $3,700 to $3,500 within one hour. Both saw over $100 million in liquidations during that time. The largest single liquidation was on crypto exchange HTX, worth $33.9 million.
These numbers might be higher because liquidation data is often underestimated. This happens due to limited data feeds and API issues across exchanges.
Key Traders Facing Big Losses
Top trader 0xc2a3, who once had a 100% win rate, lost money on Bitcoin, Ethereum, and Solana (SOL) trades. According to Lookonchain, a smart money wallet tracker, 0xc2a3’s profit on Hyperliquid dropped from $33 million to a loss of $17.6 million.
Another trader, Machi Big Brother, was fully liquidated with losses over $15 million.
After the price drop stopped, a well-known Bitcoin trader opened $37 million in BTC and $18 million in ETH long positions on Hyperliquid, according to data from Arkham. This trader had accurately predicted the October 10 market crash.
Reasons Behind the Market Drop
The market decline was likely led by US investors. The Coinbase Bitcoin Premium Index was around -$30 during the crash and stayed negative over the weekend. It even hit -$80 briefly on Friday.
Bitcoin has since recovered above $107,000 but is still down 2.7% in the last 24 hours at the time of writing.
The fall in Bitcoin caused losses in other top cryptocurrencies too. ETH, XRP, BNB, and SOL prices dropped 6%, 7%, 8%, and 10%, respectively.
