Hundreds of millions of dollars worth of Bitcoin (BTC), Ethereum (ETH), and other crypto assets have been liquidated over the past 24 hours as BTC falls below previous highs.
According to new data from market intelligence platform Coinglass, $260 million worth of Bitcoin was liquidated in the past day, the overwhelming majority of which were long positions.
Coinglass also found that $122 million worth of major smart contract platforms were liquidated during the same period, bringing the total amount of digital assets liquidated on the last day to $727 million.
Other major digital assets that recorded at least $10 million worth of liquidations include ETH rival Solana (SOL), popular meme asset Dogecoin (DOGE), and Pepe (PEPE), the native asset of the world’s largest cryptocurrency exchange platform. Binance Coin (BNB), etc. , and Worldcoin (WLD), a privacy-focused eye scanning project founded by OpenAI CEO Sam Altman.
According to data from Coinglass, most liquidations took place on four major cryptocurrency exchange platforms: Binance, OKX, Bybit, and Huobi. Binance and OKX both saw $260 million worth of option contracts lapse, while Bybit and Huobi recorded $84 million and $56 million, respectively.
Bitcoin is trading at $68,407 at the time of writing, down 5% over the last day and down 7% from the all-time high of $73,580 set earlier this week.
The flagship digital asset’s previous all-time high was set in November 2021, when it reached $69,000.
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Featured image: Shutterstock/Ivan Popovych