Bitcoin's volatility triggered $1.7 billion in liquidations.

Major Liquidations in the Cryptocurrency Market

In the last 24 hours, over 1.68 billion dollars worth of leveraged crypto positions were liquidated. Approximately 267,000 investors were forced to exit their trades, drawing attention.

Long positions accounted for 93% of this liquidation. The liquidation amount for Bitcoin was approximately 780 million dollars, while for Ethereum, this figure reached 414 million dollars.

Reasons for Selling Pressure

Analysts indicate that this sudden wave of selling in the market is due to the liquidation of excessively crowded leverages rather than a new bearish sentiment. This situation led to the cleaning of speculative excesses and a reduction in forced flows in the market.