Bitcoin (BTC) price briefly recovered from $31,000 today before suddenly falling below $30,000 in a sell-off, causing losses for traders holding positions in the market.
According to data from Coinglass, the sudden price movement has lost over $176 million to investors holding positions in various digital assets over the past 24 hours.
Liquidated over $170 million
The crypto market saw $176.26 million liquidated in the last 24 hours, with more than 56,000 traders impacted by the market volatility.
Data from Coinglass showed short sellers lost $92.78 million, with Bitcoin and Ethereum accounting for over $46.22 million of those losses.
Source: Coinglass
Meanwhile, long traders recorded $83.48 million in liquidations. The top two digital assets accounted for more than $35.54 million of those losses.
Bitcoin Cash (BCH), which has appreciated in value since it was listed on EDX markets on June 20, has seen almost $20 million liquidated by long and short traders, while Litecoin liquidated over $10 million.
Meanwhile, other assets such as Dogecoin, BNB, Chainlink, XRP, and Solana also saw significant liquidations.
Source: Coinglass
Source: CoinglassAcross exchanges, most liquidations took place on OKX, Binance, and ByBit. These three exchanges accounted for over 80% of total liquidations, with 55% being long positions.
The most significant liquidation took place on ByBit-BTCUSD worth $4.57 million.
Sudden crash
According to data from CryptoSlate, BTC suddenly plunged 3.53% against the US dollar on the 1-hour candle29,946 at the time of writing. This sudden collapse coincided with an article in the Wall Street Journal reporting flaws in the recent spot bitcoin ETF applications filed by BlackRock and Fidelity.
Source: Tradingview
Source: TradingviewThe sudden price move bucks the positive trend of the flagship digital asset over the past month, which has surged 15% and peaked above $31,000.
During this period, the crypto industry saw a surge of institutional interest, sparked by BlackRock’s Bitcoin spot ETF filing on June 15. Since then, several traditional financial institutions, including Fidelity and others, have also applied.
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