Over $2.4 billion worth of Bitcoin, Ethereum, XRP, and other coins has been liquidated on derivatives exchanges, according to data provided by Bybt
. This came after the largest cryptocurrency collapsed to its one-week low of $33,447 at 03:38 UTC on the Bitstamp exchange. Bitcoin was down 20.5 percent from its all-time high of $42,000 that it hit on Jan. 8.
Altcoins have been delivered even a bigger blow, with Ethereum plummeting to $1,010 after falling short of toppling its long-standing all-time high of $1,448.
Long positions account for 88.42 percent of the wipeout ($2.16 billion). Only $282.63 million worth of shorts got liquidated during the most successful 24 hours for the bears in 2021.
Binance has the highest liquidation volume ($903.31 million) followed by Huobi ($523.53 million), and Bybit ($494.55 million).
While BitMEX only accounted for $132.11 million worth of liquidated long contracts, its trader recorded the largest one-off loss of a whopping $10 million.