Hundreds of millions of dollars worth of crypto assets have been liquidated in the past day as the king crypto drops below the $26,000 level.
New data from market intelligence agency Coinglass reveals the scale of liquidations, the majority of which comes from crypto exchange platforms such as OKX, Binance and ByBit, which saw $41 million, $38.6 million and $17.9 million worth of options contracts disappear, respectively.
According to the analyst firm, the digital assets most affected include Bitcoin (BTC), which saw more than $47 million worth of options contracts liquidate in the past 24 hours, and leading smart contract platform Ethereum (ETH), which saw close to $31 million worth of derivatives. . contracts disappear in the same time frame.
Other notable crypto assets that were liquidated include ETH competitor Solana (SOL), decentralized peer-to-peer network Litecoin (LTC), and XRP, the token associated with Ripple Labs’ payment platform. The trio of virtual currencies saw $3.01 million, $2.29 million and $2.84 million in liquidations, respectively.
Coinglass also finds that the vast majority of liquidations came from investors going long. In the past 24 hours, short sellers sold just over $16 million worth of positions, while traders who went long sold $113.2 million worth of contracts.
The correction comes days after Bitcoin rallied following Grayscale’s legal victory against the US Securities and Exchange Commission (SEC) over the creation of a BTC exchange-traded fund (ETF) in the spot market. In the case, a judge ruled that the SEC must reconsider its stance to remain consistent.
However, the next day, the regulatory authority announced that it would delay its decision on whether or not to approve BTC ETFs in the spot market for Invesco, WisdomTree and Valkyrie, according to a Reuters report.
Bitcoin is trading at $25,875 at the time of writing, down 5.44% over the past 24 hours.
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