Bitcoin’s Slump Sees Crypto Bulls Staring at $440M in Liquidations
Prices could be headed to as low as $55,000 in the coming weeks, one trader said, but the long-term bullish outlook remains intact.
• Bitcoin’s drop below $64,000 led to over $440 million in losses for futures traders, with significant liquidations on Binance and OKX exchanges. • Major cryptocurrencies like Ethereum, Solana, and Dogecoin also suffered losses, with expectations of bitcoin falling further to $55,000 amidst record-high outflows from Grayscale’s GBTC.
A brief bitcoin (BTC) slump to under $64,000 caused over $440 million in liquidation for crypto futures traders betting on higher prices. Some traders expect bitcoin to reach the $55,000 level in the short term. Long bets on bitcoin took on $100 million in losses alone, with ether (ETH) , Solana’s SOL and dogecoin (DOGE) taking on a cumulative $120 million in long liquidations, data from Coinglass shows. Data shows that the most liquidations took place on Binance at $212 million, followed by OKX at $170 million.