Bitcoin (BTC) experienced quite the rollercoaster ride this past Sunday, leading to an upsurge in liquidations, as reported by CryptoPotato.
Bitcoin’s price took an aggressive turn upwards on Sunday evening, reaching its peak since the close of January at $106,000. This sudden hike was followed by an equally swift downturn, as bearish traders seized the opportunity to cause a $2,000 drop.
Our previous Market Watch report highlighted that Bitcoin’s value had stabilized at roughly $104,000, following a brief dip beneath $103,000. This price fluctuation allowed an unidentified whale to establish an enormous long position, nearly $400 million, on Hyperliquid.
CoinGlass’s live data shows that this major market player has since reduced his position, which is currently valued at a slightly less impressive $337 million. This change occurred in the past few hours when Bitcoin’s price rapidly escalated from $104,000 to a multi-month high of $106,000. This peak was short-lived, as a sharp rejection sent the price tumbling back to its initial level within minutes.
The total worth of liquidated positions has now swelled to nearly $280 million daily, the bulk of which occurred in the past 12 hours. Interestingly, short positions in BTC only constitute the second-largest segment, with ETH longs claiming the top spot with over $80 million.
Over 90,000 traders have been caught out in the past day’s turbulence, with the single biggest liquidation happening on HTX involving the ETH/USDT pair, valued at $8.21 million, according to CoinGlass.
