The cryptocurrency market saw nearly $1 billion in derivatives liquidations over the past day, as Bitcoin and Ethereum extended their declines. BTC fell 3.3% in 24 hours, briefly dipping below $73,000 for the first time since April, while Ethereum dropped over 6% to around $1,990, its lowest level since late March.
According to CoinGlass, total liquidations reached $928.8 million, with long positions accounting for $869.3 million of that sum. Bitcoin led the charge with $365.1 million liquidated, followed by Ethereum at $242 million. Solana was a distant third at $26 million.
The broad sell-off hit other tokens harder - ZCash lost more than 8% in a single day. Analysts note the long squeeze was telegraphed by elevated funding rates, signaling overly bullish positioning before the crash.