As the market plunged 4.16%, leveraged traders experienced another round of liquidation totaling $1.34 billion, led by Bitcoin.
Bitcoin has continued to face strong bearish pressure in recent weeks, with the apex cryptocurrency dropping below $104,000 today for the first time since October 17. At press time, Bitcoin was trading at $103,812, marking a 24-hour decline of 3.64%.
The recent drop follows a mix of macroeconomic pressures, including a stronger U.S. dollar and continued ETF outflows. According to data from TradingView, the U.S. Dollar Index (DXY) currently hovers around 100.075, up 0.18% over the past day and 2.26% over the past 30 days.
These events have contributed to a decline in Bitcoin’s price, which has in turn affected the performance of the broader cryptocurrency market.
Amid the recent selling pressure, a total of $1.34 billion worth of leveraged positions have been erased over the past 24 hours. According to Coinglass, 334,936 traders were liquidated during this period, with bullish individuals bearing the brunt. Notably, roughly $1.18 billion worth of long positions were wiped out over the past day.
However, traders betting against crypto suffered minor losses, totalling $158.78 million. The analytics platform indicated that the largest single liquidation occurred on OKX, where a BTC-USDT order worth $47.87 million was erased amid the latest dip.
Meanwhile, Bitcoin accounted for the largest share of daily liquidations, recording $407 million in wiped-out leveraged positions. It was followed by Ethereum, which saw $324 million in losses within the same timeframe.
Solana and XRP also experienced significant liquidations, totaling $154 million and $32 million, respectively.
As the market faces intense selling pressure, some large investors have taken advantage of the dip to purchase Bitcoin. According to Lookonchain, three whales withdrew over 1,100 Bitcoin from OKX and Binance today.
One whale, whose address had been dormant for over a year, withdrew 800 Bitcoin worth $85.5 million from Binance and OKX. Meanwhile, a newly created wallet received 190 BTC (approximately $19.76 million) from Binance.
Another large holder, identified by the address bc1qr9, transferred 174 BTC (worth $18.64 million) from Binance to a personal wallet, boosting their total balance to 3,036 BTC (around $315 million).
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