The crypto market has recorded more than $1.1 billion in long liquidations over the past 24 hours.
While several traders closed positions at a loss, a Bitcoin OG returned to long Bitcoin and Ethereum.
US investors are likely to have spearheaded Bitcoin's decline, as the Coinbase Premium flipped back into negative territory.
The crypto market has recorded more than $1.20 billion in 24-hour liquidations from 319,433 positions on Monday, according to Coinglass data. The liquidation was spearheaded by over $1.1 billion in liquidated long positions with just $115.5 million in short liquidations.
The high liquidations followed a quick crash in Bitcoin (BTC) and Ethereum (ETH), from $108,000 to $105,000 and $3,700 to $3,500 within one hour, respectively. Within the same hour, both assets saw liquidations totaling over $100 million each. The largest liquidation order occurred on crypto exchange HTX, valued at $33.9 million.
The figure could be higher than reported, as crypto liquidation data from aggregators is often understated due to limited data feeds and API discrepancies across most exchanges.
A key trader, 0xc2a3, who previously boasted a 100% win rate, closed several positions in Bitcoin, Ethereum, and Solana (SOL) at a loss, according to smart money wallet tracker Lookonchain. The trader's net profit/loss on decentralized perpetual exchange Hyperliquid flipped from +$33 million to –$17.6 million.
Another popular trader, Machi Big Brother, was fully liquidated, recording a total loss of over $15 million.
However, after the decline paused, a key Bitcoin OG, who successfully timed the October 10 crash, opened $37 million worth of BTC and $18 million worth of ETH long positions on Hyperliquid, per Arkham data.
The October 10 crash saw cryptocurrencies log nearly $20 billion in liquidations. On October 30, the market also recorded over $1 billion worth of liquidated positions.
Why did the crypto market decline?
US investors are likely to have spearheaded the decline, as the Coinbase Bitcoin Premium Index hovered around -$30 during the plunge. The index was largely negative throughout the weekend, briefly reaching -$80 on Friday.
Coinbase Bitcoin Premium Index. Source: Coinglass
Bitcoin has recovered above $107,000, but is down 2.7% over the past 24 hours at the time of publication.
The top crypto's decline sparked a similar move across several altcoins, with ETH, XRP, BNB, and SOL experiencing losses of 6%, 7%, 8% and 10%, respectively.
