$200M of Bitcoin long liquidations as BTC drops to $22k
Due to the build up of futures open interest, the crypto market saw nearly $250M of liquidations in the past 24 hours.
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
- Over $200M of long liquidations were wiped out on March. 3, according to Coinglass.
- Over 90% of the liquidations were long.
- This was due to a build-up of Futures Open Interest which continued to increase as February was ongoing.
- Last week, CryptoSlate monitored the excessive build-up of Futures OI that exceeded 500k, which as a result, gave us the liquidations we were waiting for.
