$190 Million In Crypto Longs Caught Off Guard As Bitcoin Retraces Under $66,000

Data shows a large amount of crypto long contracts have been liquidated as the Bitcoin price has plunged below the $66,000 level.

During the past day, Bitcoin and other assets have seen some sharp price action and once again, liquidations have piled up on derivatives exchanges. Below is a table that shows the numbers related to this liquidation event.

In total, the crypto market has faced liquidations of nearly $268 million in the last 24 hours. Out of these, $188.5 million of the contracts involved have been bullish bets.

Long contracts being disproportionately affected by the event is naturally down to the fact that prices have overall moved down inside the window. Bitcoin has slipped under $66,000, while Ethereum is edging toward $1,900.

In terms of the contribution to the event by individual symbols, ETH has beaten BTC to the top spot this time around, as the below heatmap showcases.

Usually, Bitcoin racks up the highest amount of liquidations in the sector. Though, while behind this time, BTC with contracts amounting to $86 million is still almost level with ETH’s $88 million figure. Ethereum being ahead of the original cryptocurrency may be down to the fact that its price has seen a swing of a larger percentage over the past day.

During the last five weeks, the Bitcoin spot ETFs saw consecutive net outflows. It would appear, though, that the streak could break with the current week. So far, this week has seen net inflows of almost $815 million into the US funds.

Bitcoin is down to the $65,600 mark following its drop of 3% during the past day.