The crypto market recorded more than $1.20 billion in 24-hour liquidations across 319,433 positions on Monday, according to Coinglass data. The selloff was led by over $1.1 billion in long positions liquidated and only $115.5 million in short liquidations.
The high liquidations followed a rapid crash in Bitcoin (BTC) and Ethereum (ETH), falling from $108,000 to $105,000 and $3,700 to $3,500 in an hour, respectively. In the same hour, both assets saw liquidations totaling more than $100 million each. The largest liquidation order took place on crypto exchange HTX, valued at $33.9 million.
This figure could be higher than reported, as crypto liquidation data from aggregators is often underestimated due to limited data feeds and API divergences between most exchanges.
A key trader, 0xc2a3, who previously had a 100% win rate, closed several positions on Bitcoin, Ethereum and Solana (SOL) at a loss, according to smart money portfolio tracker Lookonchain. Trader net profit/loss on decentralized perpetual exchange Hyperliquid decreased from +$33 million to –$17.6 million.
Another popular trader, Machi Big Brother, was completely liquidated, recording a total loss of over $15 million.
However, after a break in the decline, a key Bitcoin OG, who managed to time the October 10 crash, opened long positions worth $37 million in BTC and $18 million in ETH on Hyperliquid, according to Arkham data.
The October 10 crash saw cryptocurrencies record nearly $20 billion in liquidations. On October 30, the market also recorded liquidated positions worth over $1 billion.
Why has the crypto market declined?
US investors are likely behind the decline, as the Coinbase Bitcoin Premium Index was hovering around -$30 during the fall. 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 press time.
The decline in the top crypto triggered a similar move across several altcoins, with ETH, XRP, BNB, and SOL suffering losses of 6%, 7%, 8%, and 10%, respectively.
