Bitcoin flash crashed to $90,200, causing liquidation of over $885 million.

On December 5, Bitcoin (BTC) hit a snag in its historic rise above $100,000. This is because the flagship cryptocurrency falls back into the 5-digit territory, leaving a trail of liquidations across the market.

BTC gave up almost all of its 24-hour gains to hit a new all-time high of $103,679. The day before it attempted to recover, falling to a low of around $90,300.

Bitcoin was trading at $95,500 at press time amid high volatility. CryptoSlate data.

clearing

In the last 24 hours, approximately $885.61 million in leveraged positions were liquidated, affecting 202,956 traders worldwide. Of the total liquidations, Bitcoin accounted for $540 million, followed by Ethereum (ETH) with $105.53 million.

Other altcoins also experienced significant liquidations, including $57.07 million in XRP, $37.54 million in DOGE, and $29.28 million in Solana. A total of $92 million was liquidated from other cryptocurrencies, highlighting the far-reaching impact of Bitcoin price fluctuations.

Long traders who had bet on rising prices bore the brunt of the impact, accounting for $640.83 million (72.4% of the total) in liquidated positions.

Short positions betting on price declines amounted to $244.78 million. The largest single liquidation occurred on OKX, where an $18.63 million BTC-USDT swap was forced to close.

high volatility

Analyzing the data further, we see that $284.43 million was liquidated in just one hour, of which $279.5 million was purchased. In the last 12 hours, liquidations of $552.54 million were recorded, including $482.81 million long and $69.72 million short.

The four-hour liquidation figure was $428.42 million, reflecting heightened volatility during the Bitcoin downturn.

Editor’s note: Liquidation figures may not be completely accurate due to extremely high volatility at the time the article was published.

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