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Bitcoin’s (BTC) dip below $35,000 resulted in liquidations totaling more than $300 million across the cryptocurrency market during the last 24 hours.

Coinglass data revealed $120 million in liquidation for investors holding positions in the flagship asset, primarily affecting long traders who incurred most of the losses.

$307 million liquidated

In the last 24 hours, the cryptocurrency market witnessed a substantial liquidation of $307.14 million, with 77,548 traders liquidated.

Crypto market liquidation
Crypto Market Liquidation (Source: Coinglass)

According to Coinglass data, most losses were borne by long traders, who lost approximately $264 million. Bitcoin and Ethereum (ETH) contributed significantly to this figure, accounting for a combined loss of $170 million. On the other hand, short traders recorded losses of less than $15 million.

Across exchanges, over 75% of the total liquidations were on OKX and Binance. During the reporting hours, traders on these exchanges lost more than $200 million. Other exchanges like Huobi, Deribit, and Bitmex also recorded a sizeable amount of the total liquidations.

The most significant liquidation occurred on OKX, with a BTC-USDT-SWAP position valued at $9.45 million.

BTC under $36k

Earlier today, Bitcoin declined 6% to a weekly low of $34,743 after trading above $36,000 for an extended period.

Over the past several weeks, the flagship asset had gone on a run that saw its value push to a yearly high of nearly $38,000 on the back of the market optimism surrounding the possibility of an approval for spot BTC ETF.

CryptoSlate Insights cautioned that this run could witness pockets of “market corrections,” as they “are a normal part of any financial cycle, contributing to the overall health of the market.”

Meanwhile, Coinbase has predicted that approving a spot BTC ETF would develop “compliance-friendly” financial products attracting interest from diverse investor classes like registered investment advisers (RIAs), retirement funds, and institutions.

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