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Crypto derivatives traders are seeing more than a billion dollars worth of losses as Bitcoin (BTC) suddenly trades below $113,000 and altcoins follow suit.
According to crypto data aggregator Coinglass, over $1.71 billion in liquidations have occurred in the last 24 hours – more than 94% of them from leveraged long positions.
Dubai-based crypto exchange Bybit hosted the largest amount of liquidations at $897.62 million, followed by $365.7 million on Binance, the world’s largest crypto exchange platform by volume.
Coinglass reveals that during the last day more than $291.67 million worth of Bitcoin was liquidated, while $512 million worth of the leading smart contract platform Ethereum (ETH) was liquidated during the same time frame.
Other prominent digital assets that saw large liquidations include ETH rival Solana (SOL) at $97.68 million, payment token XRP at $79.20 million and meme asset Dogecoin (DOGE) at $61.9 million.
Meanwhile, Strive Asset Management, the Texas-based financial services firm co-founded by Republican Ohio gubernatorial candidate Vivek Ramaswamy, announced a massive purchase of 5,816 Bitcoin to its corporate treasury at an average price of $116,047 per Bitcoin, for a total purchase price of $675 million, bringing its total Bitcoin holdings to 5,886. The Bitcoin purchase comes as Strive also announced a merger with Semler Scientific, Inc. The combined company would hold more than 10,900 Bitcoin.
While the crypto markets turned red to kick off the week, stocks and gold rallied.
Bitcoin is trading for $112,901 at time of writing, down 2.2%. Meanwhile, ETH is trading for $4,182 at time of writing, down 6.8% on the day.
