Cryptocurrency derivatives platforms saw more than $500 million in liquidations over the past 24 hours as Bitcoin’s price pulled back sharply before rebounding, according to market data. Long positions bore the brunt of the move, and open interest in Bitcoin futures fell to multi-week lows while social sentiment turned more negative.
Derivatives Liquidations Top $500M as Longs Get Hit
Data from CoinGlass shows total crypto liquidations reached approximately $507 million in the last day, driven by a swift downside move in Bitcoin and other major assets. About $438 million (86%) of the wiped-out positions were longs, reflecting the market’s abrupt drop. Short liquidations totaled around $69 million as prices partially recovered.
Bitcoin accounted for the largest share of the flush, with roughly $233 million in BTC-linked contracts liquidated. The move followed a rapid decline from about $67,700 to a low near $64,300 within hours before prices stabilized.
- Total liquidations (24h): ~$507 million
- Long liquidations: ~$438 million (86%)
- Short liquidations: ~$69 million
- Bitcoin’s share: ~$233 million
- BTC intraday range: ~$67,700 to ~$64,300
Open Interest Slides as Leverage Unwinds
On-chain analytics firm Santiment reported that Bitcoin open interest dropped to about $19.5 billion following the volatility. Open interest tracks the total value of outstanding futures and perpetual contracts; declines can signal a combination of forced liquidations and traders voluntarily reducing risk. The current level is roughly half of the January peak near $38.3 billion, indicating a notable contraction in leveraged positioning.
Sentiment Turns More Bearish
Santiment’s measure of negative social sentiment around Bitcoin rose to a two-week high alongside the price dip, suggesting an uptick in retail fear and uncertainty during the drawdown.
Bitcoin Price
At press time, Bitcoin was trading around $66,300, down nearly 5% over the past week.