$440 Million Liquidated as Bitcoin Slumps

Bitget2024/03/20 07:00

By:Bitget

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

Bitcoin's recent dip below $64,000 resulted in over $440 million in liquidation losses for futures traders. This drop also impacted major cryptocurrencies like Ethereum, Solana, and Dogecoin, with predictions suggesting Bitcoin could further decline to $55,000. Long positions on Bitcoin alone suffered $100 million in losses, while Ethereum, Solana, and Dogecoin faced a combined $120 million in long liquidations.

$440 Million Liquidated as Bitcoin Slumps image 0

The liquidations, occurring when traders fail to meet margin requirements for leveraged positions, were triggered by Bitcoin's downward trend, exacerbated by record-high outflows from Grayscale's GBTC. Despite this, some traders maintain a long-term bullish outlook, anticipating Bitcoin to rebound after potentially reaching the $55,000 level.

In the broader market, major tokens experienced significant declines, with ETH, SOL, and ADA dropping up to 8%, according to CoinGecko data. Despite short-term uncertainties, ongoing developments in the crypto space, including regulatory measures and investor sentiment, are expected to influence future market movements.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, both BTC and ETH experienced significant decreases in open interest in their futures markets. Despite this, trading volume surged for both, with BTC seeing a 53.73% increase and ETH witnessing a 48.36% rise, indicating heightened market activity amidst the price drops. In addition, the slumps in prices of both BTC and ETH led to a notable increase in liquidations, particularly of long positions, which significantly surpassed those of shorts.

Bitcoin Futures Updates

Total BTC Open Interest: $33.48B (-3.25%)

BTC Volume (24H): $144.08B (+53.73%)

BTC Liquidations (24H): $136.32M (Long)/$78.65M (Short)

Long/Short Ratio: 49.98%/50.02%

Funding Rate: 0.0205%

Ether Futures Updates

Total ETH Open Interest: $12.17B (-6.95%)

ETH Volume (24H): $62.64B (+48.36%)

ETH Liquidations (24H): $124.67M (Long)/$23.85M (Short)

Long/Short Ratio: 50.09%/49.91%

Funding Rate: 0.0131%

Top 3 OI Surges

DATA: $1.51M (+59.67%)

VANRY: $13.62M (+35.78%)

FTM: $331.60M (+32.31%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

According to reports, industry giants such as Apple, Nvidia, and AMD have collectively increased their orders by 10% to 20%, directly boosting TSMC's 2nm monthly production capacity to 120,000 wafers by the end of the year, which exceeds the previous estimate by more than 20% and brings forward the 2027 target by two years. For the first time in history, five factories will ramp up production simultaneously, and the annual compound growth rate of capacity from 2026 to 2028 will reach as high as 70%.

华尔街见闻•2026/09/28 04:26

Long-term US Treasury Sell-off Continues! 10-Year Treasury Yield Breaks 5.2% Again, “AI Boom vs. Rising Financing Costs” Narrative Showdown Intensifies

On Monday, oil prices rose and US Treasury bonds were sold off again as former US President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, heightening concerns about inflation.

智通财经•2026/09/28 03:16

Banks Have Been Earning Effortlessly from Idle Funds for Years—Will AI Agents Change Everything?

For years, banks have profited from customers' idle funds, but AI agents may be about to change this situation.

智通财经•2026/09/28 03:11

Goldman Sachs: US stocks are showing a "strong index, weak confidence" pattern; catch-up rally may become the main theme of the next phase

Goldman Sachs stated that the current U.S. stock market is showing an unusual pattern: while index performance is strong, investor confidence remains weak. This suggests that the market still has further upside potential, and stocks that previously lagged behind leading AI stocks may soon experience a catch-up rally.

智通财经•2026/09/28 03:06