The cryptocurrency market on Tuesday saw a significant wipe-out of leveraged long positions, hitting traders with a force not seen in months.

What Happened:  According to data from CoinGlass, over $303 million worth of these bullish bets were liquidated in a mere 24-hour span. This marked the most extensive flush-out since the abrupt drop of Bitcoin (CRYPTO: BTC) on August 17.

The fact that such a significant number of positions were liquidated – approximately 88,667 traders were affected – suggests that many investors were caught off guard by the precipitous decline in value.

By the Numbers: Bitcoin traders suffered the most with over $133 million in liquidations. Following closely behind were traders of Ethereum (CRYPTO: ETH), experiencing liquidations amounting to roughly $70 million.

The largest single liquidation order, as per CoinGlass, occurred on OKX with a BTC-USDT-SWAP valued at $9.45M. Overall, Bitcoin longs faced liquidations of $120M, while Ether faced $64M.

On the macroeconomic front, attention clung to the October inflation reading, which had previously instilled bullish sentiment due to a cooler-than-expected report. However, the enthusiasm was short-lived. BTC saw a 4% drop to $35,000, and Ether fell 6% to sub $2,000 levels.

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Liquidation Landscape: A glimpse at the distribution of these liquidations reveals that the majority took place on OKX, with a substantial percentage of them being long positions. The following is a breakdown of the liquidation volumes across major exchanges:

All: $303.27M total liquidations (87.02% long)

OKX: $165.74M (93.92% long)

Binance: $76.39M (73.49% long)

Bybit: $25.51M (76.1% long)

Huobi: $22.28M (92.2% long)

Price Action: At the time of writing, BTC was trading at $36,322, down 1.29% in the last 24 hours, according to Benzinga Pro.

Photo by Igor Faun on Shutterstock

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