Over $500 million in long liquidation impacts cryptocurrency

In the recent crash, approximately $460 million to $505 million of leveraged crypto positions were liquidated, with about 90% coming from long positions. An analysis report from CCN shows that after Bitcoin dropped below $65,000 and triggered a wave of forced selling, the total liquidation within 24 hours was about $458 million, with 92% from long traders. Bitcoinist also reported that during the decline, over $460 million of leveraged positions were liquidated, most of which were long positions. An analysis from Decrypt pointed out that on Monday, Bitcoin's price plummeted from about $67,600 to around $64,400 in less than two hours, resulting in approximately $505 million worth of crypto being liquidated, including $232 million in Bitcoin and $126 million in Ethereum.
Additionally, aggregated data shows that the total cryptocurrency market cap decreased by about 4.2% over the past day to approximately $2.18 trillion, while derivatives trading volume surged, with open interest in futures and perpetual contracts declining, indicating a liquidation wave rather than new leverage being added.