Crypto Bloodbath: Nearly $1 Billion Wiped Out in Single Day
TLDR
- Crypto derivatives market suffered $967 million in liquidations over 24 hours, with $829 million from long positions
- XRP and Dogecoin both crashed about 10% while Bitcoin remained relatively stable
- Ethereum led liquidations with $200 million, followed by XRP at $115 million
- Bitcoin’s Index Cycle Indicators show market in “Distribution” zone but not at full saturation levels
- Open interest for top altcoins doubled from $26 billion to $44 billion since early July
The cryptocurrency market experienced a harsh reality check as nearly $1 billion worth of derivatives positions were liquidated in a single day. According to CoinGlass data, exactly $967 million in contracts were forcefully closed as traders faced massive…
