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Bitcoin (BTC) breached two key psychological support levels—$30,000 and $29,000—within the last 24 hours, triggering the liquidation of $66.14 million in long positions, according to data from Coinglass.
Source: Coinglass
Across the broader cryptocurrency market, total liquidations reached $300.10 million over the same 24-hour period, as reported by Coinglass. The sell-off primarily targeted traders holding long positions.
The majority of these liquidations occurred on major exchanges including OKX, Binance, and Bybit. These three platforms accounted for more than 80% of all liquidations, with 89% of those positions being longs. Other exchanges, such as Huobi, CoinEx, and BitMEX, also recorded significant liquidation volumes.
According to Coinglass, 88,379 traders were liquidated in total. The largest single liquidation was a $3.92 million long position in LTC/USDT on Binance.
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Other assets affected by the liquidations included Ethereum (ETH) and Litecoin (LTC), with $69.09 million and $12.20 million liquidated, respectively. Dogecoin (DOGE) saw $12.49 million in liquidations, while Solana (SOL), Arbitrum (ARB), and XRP each recorded less than $10 million in liquidated value.
Bitcoin drops below $29,000
During the 24-hour period, the leading digital asset fell to $28,953 at the time of writing, based on CryptoSlate data.
Bitcoin experienced a positive net flow of $28.3 million during this timeframe. Data from Glassnode indicated that while $775.6 million in BTC was transferred to cryptocurrency exchanges, investors simultaneously withdrew $747.3 million as bearish sentiment dominated the market.
Crypto analyst Maartun highlighted several headwinds facing the industry that could push the market into a bearish phase. The analyst noted that a significant volume of coins aged 7 to 10 years moved on-chain, a historical indicator that is generally not favorable for market performance.
The post $300 Million Liquidated as Bitcoin Slides Below $29,000 appeared first on CryptoSlate.
