The bloodbath in the cryptocurrency market is evident, with Ethereum struggling to maintain its position above the $3,300 level. Over the past 24 hours, Uniswap and Maker have seen significant declines of 12% and 9%, respectively, making them the biggest losers among the top 50 coins by market capitalization.
Bitcoin (BTC) has fallen below $61,000 and seems poised to continue its losses. This has led to a substantial increase in the liquidation of leveraged long positions, totaling over $324 million.
The majority of these positions, totaling more than $286 million, are longs, while shorts account for $36 million. Of the rekt traders, longs make up the vast majority, with nearly $122 million liquidated within 24 hours, in contrast to about $9.9 million from liquidated short positions.
Market data indicates that over the past 12 hours, more than $95 million of the liquidated longs have occurred, resulting in the liquidation of over 85,440 traders within the past 24 hours. Notably, the largest single liquidation order up to 12:30 pm ET on June 24 took place on Binance, resulting in a $15.36 million burn on the BTC/USDT pair.
The news of over $9 billion in BTC being held by a defunct exchange and earmarked for distribution led to a swift and significant investor reaction. Bitcoin’s price plummeted more than 5% in response, breaching support levels and causing concern about potential sell-off pressure in the market.
Furthermore, the downward pressure on Bitcoin has been compounded by recent selling activity from a wallet associated with the German government. Earlier this year, German police seized approximately 50,000 BTC, valued at around $2.1 billion at the time.
The significant price gains of Bitcoin over recent months brought the total value of the seized coins to over $3 billion. In addition to government-related selling, miners have also offloaded a substantial amount of Bitcoin post-halving, with IntoTheBlock data showing approximately 30,000 BTC sold.
