$2 Billion Liquidated in Crypto Market Amid Sharp Sell-Off

$2 Billion Liquidated in Crypto Market Amid Sharp Sell-Off

In the past 24 hours, a $213 million wave of long and short liquidations hit major cryptocurrencies, reflecting ongoing volatility and leverage-induced risk.

BTC
ETH

Fact Check
The evidence strongly supports the plausibility of the statement, even without a direct confirmation of the exact $911 million figure in the provided summaries. Firstly, the most authoritative and relevant sources are from Coinglass, a primary data provider for crypto liquidations. These sources confirm that Coinglass tracks and reports on this specific metric, citing other large, 24-hour liquidation events (e.g., $619 million and $583 million). This establishes that a liquidation event of $911 million is well within the realm of possibility and that Coinglass is the definitive source for such information.Secondly, multiple other sources with high relevance, including those from Binance and Yahoo Finance, provide strong contextual support. They repeatedly refer to a 'deleveraging crisis' and even the 'largest single-day deleveraging event.' A market-wide deleveraging event is precisely what causes massive liquidations of leveraged futures positions, which is what the claim measures. This corroborates that an event of the type and magnitude described in the claim did occur.Finally, there is no contradictory evidence among the sources. While the specific figure is not explicitly mentioned in the summaries, the combination of a known primary data source for the metric and widespread reports of a major deleveraging event makes the statement highly credible. The assessment is 'likely_true' with high confidence because the circumstantial and contextual evidence from authoritative sources is overwhelming.
Summary

Over the past 24 hours, the cryptocurrency market saw $213 million in liquidations, comprising $89.17 million in longs and $123 million in shorts. Bitcoin accounted for $61.25 million of the wiped positions, while Ethereum saw $40.29 million liquidated. This recent event adds to a pattern of high-leverage position closures during the ongoing market downturn.

Terms & Concepts
  • Liquidation: The forced closing of leveraged positions when an asset's price moves against the trader, to prevent further losses.