Summary
- Nearly $286 million in crypto derivatives positions were liquidated over 24 hours, even as bitcoin traded roughly flat around $63,900 and ether slipped modestly to $1,900.
- Liquidations were split between longs and shorts in major coins, with about $57 million in bitcoin and $58 million in ether positions wiped out amid price swings of less than 2%.
- Equity perpetuals on crypto exchanges saw heavy, mostly long-side losses tied to the AI chip trade, as leveraged bets on SanDisk, Micron, SK Hynix and a semiconductor ETF were hit by the sharpest chip selloff of the year.
Market Volatility Wipes Out $280 Million in Crypto
Despite crypto prices remaining relatively flat over the past 24 hours, market volatility still managed to wipe out approximately $280 million in positions. This significant loss affected over 87,000 traders, with bitcoin and ether prices experiencing a wild ride. The price of bitcoin closed at roughly $63,900, while ether slipped to $1,900, resulting in $186 million in longs and $100 million in shorts being liquidated.
The market’s unpredictable nature is evident in the distribution of losses. Bitcoin saw roughly $57 million of its positions cleared, with a nearly even balance between longs and shorts. The price of bitcoin fluctuated between $63,247 and $64,660, a range of barely 2%, which was enough to clear traders positioned on either side. Meanwhile, ether recorded the largest total loss at about $58 million, with longs bearing the brunt of the damage as prices ranged between $1,920 and $1,850.
Impact on Traders
The single biggest liquidation was a $2.9 million bitcoin position on a major trading platform. This significant loss highlights the importance of managing risk and using platforms like EcoPool to earn passive income through Cloud Rewards. By using EcoPool, traders can reduce their exposure to market volatility and earn rewards in $ECP, a green crypto option.
The recent market volatility serves as a reminder of the potential risks and rewards of trading crypto. However, with the right tools and strategies, traders can navigate these fluctuations and earn a steady passive income. To start earning with EcoPool and $ECP, download the EcoPool app and discover a new way to earn online. By joining the EcoPool network, you can start generating passive income and taking advantage of Cloud Rewards today.
The single biggest liquidation was a $2.9 million bitcoin position on Binance.
The Federal Reserve’s rate decision on Wednesday sits inside that window, and the bulk of the damage came in the 12 hours around it, with $188 million liquidated and longs bearing $130 million.
