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The cryptocurrency market suffered a catastrophic flash crash on Thursday. The sudden Bitcoin plunge liquidated nearly $800 million in leveraged positions being liquidated over the last 24 hours.
The carnage was most severe in a single, brutal hour of trading where bulls were caught off guard.
According to CoinGlass liquidation data, a staggering $301.15 million in long positions were wiped out in just 60 minutes. Longs accounted for 96% of the damage ($301.15 million).
Bullish traders with no time to react as Bitcoin plunged from highs near $90,600 toward the $84,000 support level.
The liquidation cascade
Over the full day, $797.91 million has been erased from the market. Of this, $690.26 million came from bullish traders who were betting on a breakout to new highs.
Bitcoin ($BTC) plunged 5.3% to $84,635, dragging the broader digital asset market down with it.
The single largest liquidation order of the day occurred on Hyperliquid, where a massive $31.64 million $BTC-USD position was forcibly closed.
coindesk.com
decrypt.co
bitcoinmagazine.com