Crypto Selloff: Leveraged Longs Liquidated

What happened over the weekend

Leverage went the wrong way and the market paid for it. Bitcoin fell 5.7% during US hours on Saturday, then kept sliding in Asian trading on Sunday to a low of $62,112, another 3.6% down and the softest level since July 14. Ether was hit even harder, dropping 8% during the US session before easing another 3.4% on Sunday to $1,711, its weakest mark since July 8.

The scale of the liquidations

Big wipeouts are no longer rare. Large liquidation events - more than $500 million of Bitcoin positions cleared within a single day - have been showing up again and again as sharp price moves sweep out leveraged traders. Coinglass data show that Friday's slump wiped out roughly $1.3 billion in bullish crypto positions during a single day, and Bitcoin accounted for the majority of the losses.

In the 24 hours up to 9 a.m. Sunday in Singapore, Coinglass-tracked venues showed roughly $2 billion in crypto liquidations, including $774 million tied to Bitcoin and $488 million linked to Ether, with longs comprising the bulk.

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