Exchanges liquidated $403.58 million in leveraged crypto longs within one hour as Bitcoin (BTC) slid to about $83,800. That equals about 0.27% of open interest, the total value of unsettled futures contracts.
Longs made up 97% of the $415.33 million total, so the flush hit one side of the market. However, it cleared only a small fraction of the leverage still outstanding.
How Much Leverage Did the Flush Clear?
The selling arrived in one burst. CoinGlass, a derivatives data tracker, logged 98% of the $412.99 million in four-hour long liquidations inside the final hour.
