Long liquidations in the crypto market reached approximately ¥68.5 billion over four hours. Bitcoin briefly fell below $80,000, with liquidations concentrated as it subsequently recovered to the $80,000 range.
The Block reported, citing CoinGlass data, that total liquidations across the crypto market reached approximately $436.44 million over the four hours through 1 p.m. ET on the 24th. Of that amount, approximately $404.15 million involved long positions, accounting for approximately 93% of the total. Liquidations were concentrated over a short period, with approximately $282.1 million in long liquidations occurring as BTC fell from approximately $80,640 to $80,100.
There were also approximately $131.17 million in liquidations during the 15 minutes from 11:15 a.m. Total market liquidations over the past 24 hours reached approximately $815.26 million, up approximately 218% from the previous day, affecting approximately 201,000 traders. Open interest in crypto futures stood at approximately $140.1 billion, down 2.2%.
By asset, four-hour liquidations totaled approximately $158.45 million for Bitcoin and approximately $136.72 million for Ethereum, with long positions accounting for a high proportion in both cases. BitMEX co-founder Arthur Hayes disclosed that he had closed his directional trading positions at his family office and indicated that he would monitor the market for the time being.