Crypto Traders Lose $280M After Bitcoin Crashes Above $22,000

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As the week draws to a close, there have been some interesting changes in the price of bitcoin. The digital asset that was struggling to hold onto $20,000 finally broke out of that slump and managed to rally to $22,000. This rally naturally led to market sell-offs, and over time these sell-offs increased with the volatility that followed the price rally.

65,000+ Rekt Traders

As of Friday morning, data from Coinglass shows that more than 65,000 traders have been liquidated in the last 24 hours. Liquidations increased following bitcoin’s rapid recovery above $20,000 and by the end of the day it had added more than $2,000 to its value. Traders were quickly caught off guard and millions of dollars in short positions were liquidated.

Related Reading | Bitcoin funding rates are rising as the price continues to struggle

In total, there were over $280 million in settlements on the last day and they continue to grow. Most sold for $214.74 million on the last day. However, longs traders were not spared the onslaught with $67.35 million during the same period. The reason for the long sell-offs is that the digital asset peaked in the mid-$22,000s and has lost about $1,000 since then.

BTC falls to $21,000 | Source: BTCUSD on

Bitcoin traders naturally bear the brunt of liquidations. The data shows that 6,320 BTC was lost last day. This translates to $135.69 million, with the largest settlement event in the BTC-USD pair totaling $3.86 million on cryptocurrency exchange Huobi.

Altcoins follow the example of Bitcoin

Altcoins have followed bitcoin closely when it comes to sell-off trends. Altcoins like Ethereum have seen tens of millions of dollars liquidated in the last day. The ETH numbers came to a total of 69,110 ETH, with a dollar value of $84.15 million.

Related Reading | Altcoins take the lead as Bitcoin struggles to stay above $20,000

Others that have seen big sell-offs include Solana (SOL), which has seen some success in the NFT space of late. The Ethereum competitor saw a total of $4.14 million liquidated going out for a total of 111,970 SOL.

Others, such as GMT, AVAX and CRV, registered more than US$3 million. While MATIC, XRP and SAND had liquidations of $2.85 million, $2.45 million and $2.17 million respectively.

Roughly half of the deals were recorded in the last 24 hours alone, with $137.96 in total deals. Short sales continue to account for a larger portion of liquidations, but with the price of bitcoin in a current downturn, long liquidations are on the rise.

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