Crypto markets moved lower as the stock rout spread. More than 104,157 traders got liquidated during the Asian crash. Total liquidations reached $628 million, according to market data.
The largest single liquidation hit Binance’s BTC market and reached $12 million. Over the past week, CoinGlass data showed $5.70 billion in long positions wiped out across the market.
In the last 24 hours alone, over $280 million was liquidated. Long positions made up most of the damage. Bitcoin’s open interest also fell 0.56% over the same period.
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Bitcoin traded between $62,000 and $64,000, while volume weakened. Ethereum briefly moved above $1,700 before easing back to $1,660. Meanwhile, crypto-linked stocks moved higher, with Strategy Inc. rising 5.61% and Bitmine Immersion Technologies gaining 5.97%.
CryptoQuant said derivatives pressure helped drive Bitcoin’s sharp correction. The firm said futures volumes remain nearly ten times larger than spot volumes. Ali Martinez also pointed to trading below the 0.8 MVRV band as a long-term accumulation zone.