In the last 24 hours, $361 million worth of leveraged transactions were liquidated as Bitcoin (BTC) hit a new all-time high of $73,050 on March 12 before falling below $70,000. The price volatility wiped out $258 million in long positions, while short sellers lost over $103 million, according to data from Coinglass.

Volatility wasn't as severe this time around, with Bitcoin fluctuating just 4.85% between its March 12 low of $69,365 and its high of $72,733, according to CoinGecko.

Speaking to Cointelegraph, a 10x Research spokesperson said that the increase in volatility was likely due to traders waiting for the price correction.

The most liquidation in the last 24 hours took place in Bitcoin and Ether (ETH) transactions with $106.3 million and $73.3 million, respectively.

The most short and long liquidations took place on the cryptocurrency exchange OKX, totaling $152 million, while Binance traders suffered a loss of $128.4 million.

Short sellers who bet against publicly traded crypto companies lost more than $6 billion in the first 11 months of 2023, according to research firm S3 Partners, as Bitcoin rose 130% to $37,800 in the same period.