Key Points
- On June 18, a Bitcoin drop caused over $71 million in liquidations across exchanges.
- Approximately 32,831 traders were affected, primarily on major exchanges.
The Bitcoin market experienced a significant downturn on June 18, leading to extensive liquidations across several exchanges. This resulted in investors losing up to $500 million.
Since the initial decline, the bearish trend has dominated the market, causing many altcoins to fall below their May highs. By June 20, more than $71 million had been liquidated on cryptocurrency exchanges within 24 hours.
Effects on Traders and Exchanges
According to data from blockchain analytics company CoinGlass, about 32,831 traders were impacted during the liquidation period. This primarily took place on major exchanges such as Binance, OKX, Bybit, HTX (formerly Huobi Global), and BitMEX.
Binance users experienced over $32 million in losses, while OKX contributed about 35% to the total liquidations. The total value of liquidated positions on the exchange is over $24 million.
CoinGlass data reveals that the largest single liquidated order, worth around $1.1 million, occurred on OKX and involved the Ethereum (ETH) / USDT trading pair.
Impact on Bitcoin and Other Altcoins
Ethereum (ETH) users were hit the hardest, with over $18 million in leveraged positions closed on the network. Long traders recorded a combined loss of approximately $9 million, while short traders suffered a hit of nearly $10 million.
As for Bitcoin (BTC), which controls the largest market share in the industry, it saw $11.1 million in leveraged positions liquidated. Bears took out over $6 million from short positions, while long traders experienced a loss of $5 million.
Other altcoins also experienced losses as the bears took control of their leveraged positions. Both long and short traders witnessed a combined loss of about $8.55 million.
Digital assets such as Solana (SOL) and Dogecoin (DOGE) recorded liquidations of $4.73 million and $1.21 million respectively in the last 24 hours.
Continuing Liquidations
Cryptocurrency liquidations have become a common occurrence in the industry. In the last 60 minutes alone, more traders were liquidated. CoinGlass data indicates that about $1.58 million has been wiped out from the crypto market within this short period. Traders with open leveraged positions on BTC, Ether, ORDI, NOT, NEAR, NEO, and WLD all experienced significant losses.
As the market continues to navigate through these turbulent times, investors and traders are advised to exercise caution and employ risk management strategies to mitigate potential losses.
