Meager Bitcoin recovery above $40k backfires for futures traders causing further $185M in liquidations Meager Bitcoin recovery above $40k backfires for futures traders causing further $185M in liquidations
Notably, long traders on the crypto market lost nearly $150 million during the past day.
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Updated: Dec. 13, 2023 at 10:38 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto’s volatile price movement during the last 24 hours liquidated a further $185 million from more than 76,000 traders who held long and short positions in the market.
Data from Coinglass shows that traders betting on further price growth and a stronger recovery bore the brunt of the losses, with nearly $150 million liquidated. On the other hand, short traders only lost about $37.94 million.
Bitcoin traders accounted for the biggest losses of approximately $37 million in total liquidations. Long positions saw $24.91 million, while shorts recorded only $12.21 million.
Similarly, Ethereum saw a total liquidation of $27 millionโabout $22.44 million and $5.12 million in long and short positions, respectively.
Aside from the two major crypto assets, speculators on Chainlink’s LINK token also recorded substantial losses. As per Coinglass data, long traders on the Oracle blockchain’s LINK token lost $18.33 million, while short traders lost just $57,000.
Interestingly, the single largest liquidation during the reporting period was a $16.84 million long position held on Bitmex for LINKUSD.
Traders with positions on Solana, XRP, Dogecoin, and Avalanche also recorded significant losses.
Across exchanges, traders on Binance saw the biggest losses, closing the last 24 hours at $76.93 million. Traders on other crypto trading platforms like OKX, Bybit, and Bitmex lost $45.85 million, $29.69 million, and $20.23 million, respectively.
Solana, Avalanche lead losers
This week, the crypto market continued its downward price momentum as Bitcoin’s price briefly fell below $41,000 for the first time in December. However, the flagship digital asset has rebounded to $41,131 as of press time.
Market observers have noted that BTC’s current price movement remains bullish amid the increased possibility of an approval for a spot exchange-traded fund (ETF) in the U.S. CryptoSlate Insight added that the decline is not anomalous with past trends but falls within the expected behavioral patterns of the digital asset in a bull market.
Similarly, Ethereum, the second-largest digital asset by market capitalization, dropped 3% to $2,170 during the reporting period.
Meanwhile, high-flying digital assets like Solana and Avalanche topped the day’s losers list among the top 10 digital assets by market capitalization.
Solana’s SOL token fell by more than 7% to $65.94, while Avalanche’s AVAX token lost 14% to trade at $36.03 as of press time.
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Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,561.81
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$223.437
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Chainlink
$23.8188
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Avalanche
$49.9380
Avalancheย is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.