Bitcoin, Ethereum Prices Dive as Crypto Liquidations Near $500 Million

Most of the day’s liquidations came in the past 12 hours, as the price of Bitcoin fell as low as $64,548 late Monday and the price of ETH dipped to $3,384, leaving both down more than 5% over the prior seven days.

The overnight figures continued a flood of liquidations observed yesterday, vaporizing $290 million in mostly long positions.

About 200,000 traders were liquidated over the last day, per CoinGlass. Per the site’s metrics, the largest single liquidation order happened on Binance, a $6.4 million long bet on Ethereum.

Ethereum led the overall liquidation flood, with $92.5 million in positions rekt over the past 24 hours, as of writing, with CoinGlass showing Bitcoin with $72.8 million in liquidations and Dogecoin (DOGE) with $60.3 million. Shiba Inu (SHIB) and Solana saw $22.9 and $19.8 million in liquidations, respectively, over that same span.

The volatility of crypto—even with massive institutional investor interest in the case of Bitcoin—often leads to forced liquidations as its fluctuating price defies the expectations or hopes of holders.

A price spike in Bitcoin and Ethereum drove over $300 million in short position liquidations in May, for example, followed by an equally sizable surge for long positions a few weeks later.