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Bitcoin’s (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>) dip below $35,000 resulted in liquidations totaling <a href="https://cryptoslate.com/insights/record-single-day-liquidation-of-300m-as-bitcoin-slipped-under-35k/">more than $300 million</a> across the cryptocurrency market during the last 24 hours. 
Coinglass&nbsp;<a href="https://www.coinglass.com/LiquidationData">data</a> revealed $120 million in liquidation for investors holding positions in the flagship asset, primarily affecting long traders who incurred most of the losses. 
<h2 id="span-class-s5-span-class-bumpedfont15-307-million-liquidated-span-span">$307 million liquidated</h2> 
In the last 24 hours, the cryptocurrency market witnessed a substantial liquidation of $307.14 million, with 77,548 traders liquidated. 
<figure id="attachment_373945" aria-describedby="caption-attachment-373945" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-373945" src="https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-15-094553.jpg" alt="Crypto market liquidation" width="893" height="405" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-15-094553.jpg 893w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-15-094553-300x136.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-15-094553-768x348.jpg 768w" sizes="(max-width: 893px) 100vw, 893px">
 <figcaption id="caption-attachment-373945" class="wp-caption-text">
 Crypto Market Liquidation (Source: Coinglass)
 </figcaption>
</figure> 
According to Coinglass data, most losses were borne by long traders, who lost approximately $264 million. Bitcoin and Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) contributed significantly to this figure, accounting for a combined loss of $170 million. On the other hand, short traders recorded losses of less than $15 million. 
Across exchanges, over 75% of the total liquidations were on OKX and Binance. During the reporting hours, traders on these exchanges lost more than $200 million. Other exchanges like Huobi, Deribit, and Bitmex also recorded a sizeable amount of the total liquidations. 
The most significant liquidation occurred on OKX, with a BTC-USDT-SWAP position valued at $9.45 million. 
<h2 id="btc-under-36k">BTC under $36k</h2> 
Earlier today, Bitcoin declined 6% to a weekly low of $34,743 after trading above $36,000 for an extended period. 
Over the past several weeks, the flagship asset had gone on a run that saw its value push to a yearly high of <a href="https://cryptoslate.com/insights/bitcoin-open-interest-hits-peak-not-seen-since-august-as-trading-fervor-spikes/">nearly $38,000</a> on the back of the market optimism surrounding the possibility of an approval for spot BTC ETF. 
CryptoSlate Insights <a href="https://cryptoslate.com/insights/despite-120-ytd-growth-bitcoins-path-may-follow-historical-market-corrections/">cautioned</a> that this run could witness pockets of “market corrections,” as they “are a normal part of any financial cycle, contributing to the overall health of the market.” 
Meanwhile, Coinbase has <a href="https://cryptoslate.com/coinbase-anticipates-spot-bitcoin-etfs-to-unlock-new-era-of-crypto-investment-options/">predicted</a> that approving a spot BTC ETF would develop “compliance-friendly” financial products attracting interest from diverse investor classes like registered investment advisers (RIAs), retirement funds, and institutions. 
The post <a href="https://cryptoslate.com/crypto-liquidation-breakdown-77548-traders-hit-by-307m-liquidation-bitcoin-and-ethereum-lead-losses/">Crypto liquidation breakdown – 77,548 traders hit by $307M liquidation, Bitcoin and Ethereum lead losses</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Crypto liquidation breakdown – 77,548 traders hit by $307M liquidation, Bitcoin and Ethereum lead losses

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