Crypto traders using leverage to bet on Bitcoin’s recovery just took a big hit.
In the last four hours, $426 million in crypto longs have been liquidated, according to the market data tracker CoinGlass.
The liquidations happened as BTC’s price rapidly dropped from about $90,700 to a low of $87,017.
BTC led the way with $136 million in longs liquidated, followed by $117 million in Ethereum (ETH) longs liquidated and $26 million in Solana (SOL) longs liquidated.
Bitcoin’s price drop happened alongside a decline in stock futures.
Dow futures fell 137 points to 47,592, S&P 500 futures fell 33 points to 4,826, and Nasdaq futures fell 159 points to 25,322.
BTC is priced at $87,161 at time of publishing.
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