Rough night for longs bro.
CoinDesk says total liquidations hit about $1.53 billion in 24 hours, CoinGlass data, and around 84% of that was longs. Most of it came in the last 12 hours.
$BTC took about $468M of it and $ETH around $358M. BTC wicked near 76.5k before bouncing back to 78.3k, ETH dipped under 2200 and is back around 2240.
Trigger was the Binance security incident. Binance put the impact at about $6.3B, says roughly $3B is already frozen and has pledged to cover all losses. CNBC reports Binance expects withdrawals to start resuming within 48 hours.
For me the thing to watch now is how smooth that withdrawal restart goes. Heavy leverage into a headline like this gets punished fast.
CoinDesk says total liquidations hit about $1.53 billion in 24 hours, CoinGlass data, and around 84% of that was longs. Most of it came in the last 12 hours.
$BTC took about $468M of it and $ETH around $358M. BTC wicked near 76.5k before bouncing back to 78.3k, ETH dipped under 2200 and is back around 2240.
Trigger was the Binance security incident. Binance put the impact at about $6.3B, says roughly $3B is already frozen and has pledged to cover all losses. CNBC reports Binance expects withdrawals to start resuming within 48 hours.
For me the thing to watch now is how smooth that withdrawal restart goes. Heavy leverage into a headline like this gets punished fast.
