Hundreds of millions of dollars worth of crypto assets have been liquidated during the last day as the king crypto dips below the $26,000 level.
New data from market intelligence firm Coinglass reveals the extent of the liquidations, the majority of them coming from crypto exchange platforms such as OKX, Binance, and ByBit, which saw $41 million, $38.6 million and $17.9 million worth of options contracts disappear, respectively.
According to the analytics firm, the digital assets affected most include Bitcoin (BTC), which saw over $47 million worth of options contracts liquidated during the last 24 hours and leading smart contract platform Ethereum (ETH), which saw nearly $31 million worth of derivatives contracts vanish in the same time frame.
Other notable crypto assets that saw liquidations include ETH competitor Solana (SOL), decentralized peer-to-peer network Litecoin (LTC), and XRP, the token associated with Ripple Labs’ payments platform. The trio of virtual currencies saw $3.01 million, $2.29 million, and $2.84 million in liquidations, respectively.
Coinglass also finds that the overwhelming majority of liquidations came from investors who went long. During the last 24 hours, short sellers sold just over $16 million worth of positions while traders who went long sold off $113.2 million worth of contracts.
The correction comes days after Bitcoin sparked a rally following Grayscale’s legal victory against the U.S. Securities and Exchange Commission (SEC) over the creation of a spot market BTC exchange-traded fund (ETF). In the case, a judge ruled that the SEC must reconsider its position to remain consistent.
However, the following day, the regulatory agency announced that it would be delaying its decision on whether or not it would approve spot market BTC ETFs for Invesco, WisdomTree, and Valkyrie, according to a report from Reuters.
Bitcoin is trading for $25,875 at time of writing, a 5.44% decrease during the last 24 hours.
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