Market Mayhem: Cryptocurrency Traders Hit Hard with $400 Million in Liquidations

In a tumultuous 24-hour period, nearly 120,000 crypto traders experienced substantial losses, surpassing the $400 million mark as digital asset prices took a nosedive during the opening of Asia trading hours on December 11.

Data from Coinglass reveals that long positions bore the brunt of the losses, accounting for approximately $356 million, marking the most extensive single-day loss driven by long speculation in the last four months. Short traders also faced significant losses, totaling $54.79 million. Bitcoin traders took a major hit, contributing around $104 million to the total liquidations. Ethereum investors also faced considerable losses, with approximately $74.62 million liquidated in long positions.

Other cryptocurrencies, including Solana, XRP, Dogecoin, Avalanche, Cardano, and Litecoin, saw notable losses for traders holding long positions during this challenging period.

Exchanges such as OKX and Binance witnessed the most significant losses, with liquidations exceeding $171 million and $128 million, respectively. Notably, the most substantial individual loss recorded was an $8.2 million long bet on Bitcoin’s price on the OKX exchange.