In the past 24 hours, the cryptocurrency market has seen a total of $252.5 million in liquidations, according to Coinglass. The majority of these forced closed positions were in Bitcoin (BTC) and Ethereum (ETH).
The price of Bitcoin dropped below $41,000, resulting in $81.1 million in losses for traders. Similarly, traders who had opened long positions in Ethereum also suffered significant losses as the price dropped to $2,400, resulting in $32 million in losses.
The liquidations were mainly concentrated on four exchanges – OKX, Bybit, Huobi, and Binance, with Binance executing the largest single order of $7.31 million for a long BTCUSDT position.
As of writing, the current price of Bitcoin is at $41,200, and according to Coinglass, there have been more long positions opened in the last few hours than short ones, indicating a confidence in the market for further growth of BTC.
The recent decline in the market has been attributed to Grayscale’s active selling of BTC. The asset management firm’s Bitcoin Trust (GBTC) has seen significant outflows of $594 million amidst the current downturn in the market. Additionally, Grayscale has transferred 9,840 BTC, worth $418 million, to Coinbase Prime since January 12, bringing the total volume to 41,478 BTC.
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