Bitcoin Flash Crashes to $90,200, Sparking Over $885 Million in Liquidations

Bitcoin’s (BTC) historic rally above $100,000 hit a roadblock on December 5 as the flagship crypto fell back into five-digit territory, leaving a trail of selloffs in the market.

BTC gave up almost all of the 24-hour gains that took it to a new all-time high of $103,679. It fell to a low of around $90,300 for the day before attempting a recovery.

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

Liquidations

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

Other altcoins also saw significant liquidations, including XRP with $57.07 million, DOGE with $37.54 million, and Solana with $29.28 million. In total, $92 million was liquidated into other cryptocurrencies, highlighting the considerable impact of Bitcoin’s price action.

Long traders, who bet on prices rising, were hit the hardest, with $640.83 million in positions liquidated, or 72.4% of the total.

Short positions, which bet on falling prices, accounted for $244.78 million. The largest liquidation took place on OKX, where an $18.63 million BTC-USDT swap was forcefully closed.

High volatility

Breaking down the data further, $284.43 million was liquidated in just one hour, of which $279.50 million were long positions. Over the past 12 hours, $552.54 million in liquidations were recorded, including $482.81 million in long positions and $69.72 million in short positions.

The four-hour liquidation figure stood at $428.42 million, reflecting increased volatility during Bitcoin’s decline.

Editor’s Note: Clearance numbers may not be completely accurate due to extremely high volatility at the time of article publication.

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