Crypto Traders See $160 Million In Liquidations As Bitcoin Falls Below $58K

Updated: 12 August 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

More than $160 million was liquidated from leveraged positions over the past 24 hours after the Bitcoin price dropped below $58K to trade at $57,934.13 as of 3:20 a.m. EST.

The majority of the liquidations throughout the past day of trading were long positions, with bullish traders seeing over $134 million wiped out from their positions, according to Coinglass data. Meanwhile, more than $31 million was liquidated from short positions.

Bitcoin And Ethereum Lead In Liquidations As Sentiment Reaches “Extreme Fear”

The total crypto market cap dropped over 5% in the last 24 hours. This is after all of the top 10 biggest cryptos by market cap suffered losses during the past trading session. Toncoin (TON) took the biggest hit, and shed more than 7% of its value. Dogecoin (DOGE) was the next biggest loser after its price also plunged over 7%.

Market leaders Bitcoin and Ethereum (ETH) both dropped over 4%. BTC and ETH accounted for the majority of the liquidations in the past 24 hours. Over $43 million was wiped in leveraged BTC positions, while ETH liquidations soared to over $39 million.

Sentiment in the market has turned negative as well following the recent market correction. In the last 24 hours, the Crypto Fear and Greed Index dropped from a “Fear” reading of 39 to an “Extreme Fear” score of 25.

Whale Awakens After 10 Year Dormancy

The drop in BTC’s price could have something to do with a dormant wallet being reactivated over the weekend. Whale tracking platform Whale Alert revealed in an Aug. 10 X post that an address containing 25 BTC was activated for the first time in over 10 years.

💤 A dormant address containing 25 #BTC (1,515,099 USD) has just been activated after 10.6 years (worth 20,138 USD in 2014)!https://t.co/DA4F4iE1av

— Whale Alert (@whale_alert) August 10, 2024

In the post, Whale Alert shared that the holdings of the wallet were worth $20,138 in 2014. Since then, the value of the BTC in this wallet has skyrocketed to over $1.4 million at BTC’s current price.