The cryptocurrency market has witnessed the liquidation of over $340 million longs in the last 24 hours.

What Happened: Leading the pack in the liquidation spree, Bitcoin (CRYPTO: BTC) long positions suffered a $94 million wipeout, closely followed by Ethereum’s (CRYPTO: ETH) $80 million longs sell-off.

Data from Coinglass shows over 113,594 traders feeling the pinch of market forces. The single most notable incident occurred on the OKX platform, where a Bitcoin-to-USDT perpetual swap position faced a swift exit, amounting to $8.23 million in value, marking the largest individual liquidation.

OKX witnessed a massive $164.62 million in liquidations, of which $151.15 million were in long positions. 

Binance was not far behind with overall liquidations reaching $118.33 million, where long positions accounted for $96.53 million and short positions sitting at $21.81 million. The percentage of longs stood at 81.57%.

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Why It Matters: On-chain analyst Willy Woo signaling a possible correction in Bitcoin’s market price, potentially drawing down to a level of $39,700.

Peter Schiff chimed in with an analogy to the sports world, likening Bitcoin’s sharp decline to the disappointing performance of the NFL’s Philadelphia Eagles.

Price Action: At the time of writing, Bitcoin was trading at $42,195, down 3.62% in the last 24 hours, according to Benzinga Pro. 

Photo by DUSAN ZIDAR on Shutterstock

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