Bitcoin liquidations have been ramping up over the last day following the market crash that rocked the crypto space on Thursday. The result of this is a liquidation event, the likes of which have not been seen since the FTX collapse back in 2022. And Bitcoin’s numbers have shot up as long traders are completely obliterated in the process.
Largest Single Crypto Liquidation Event In 2023
Following Bitcoin’s price decline to the low $25,000s, the liquidations picked up quickly with over $1 billion dollars of crypto positions being closed rapidly. Bitcoin, in particular, suffered the brunt of these liquidations as its numbers quickly climbed to 9 digits.
By the time Friday morning rolled around, the digital asset’s liquidation was at approximately $500 million with long traders suffering the majority of losses. According to data from Coinglass, Bitcoin’s long liquidation figures were already over $373 million, with shorts coming in at $125 million.
While Bitcoin was in the lead as
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