Benzinga - Over the past 24 hours, the cryptocurrency market experienced significant liquidations totaling over $185.97 million. These liquidations included long and short positions, with longs accounting for over $144 million and shorts totaling $41 million.
What Happened: CoinGlass data further reveals that during the past 24 hours, a total of 51,217 traders experienced liquidations.
The largest single liquidation order occurred on Bitmex with a value of $8.96 million Bitcoin (CRYPTO: BTC).
BTC witnessed the highest liquidation value, surpassing $86 million, followed by Ethereum (CRYPTO: ETH) with $36 million, and Dogecoin (CRYPTO: DOGE) with over $2.44 million in liquidations.
BTC, ETH and DOGE were down 1.12%, 2.33% and 0.10%, respectively.
Blockchain data reveals that prominent firms such as Jump Trading, Wintermute, and Abraxas Capital made substantial deposits of cryptocurrencies to various exchanges during Monday’s market sell-off. These deposits were made in Bitcoin, Ethereum, and Arbitrum’s ARB token.
As an asset manager, Abraxas Capital transferred 14,130 ETH worth approximately $22.5 million to Bitfinex in two separate transactions. Jump Trading, a major market maker, sent nearly 236 BTC valued at $5.9 million to Binance in a single installment. Wintermute, another significant market maker, deposited more than $3.3 million worth of ARB to Binance over the past eight hours, as blockchain analytics firm Arkham Intelligence reported.
Will Musk Embrace DOGE On X? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: These deposits coincided with a sharp downturn in the crypto markets, fueled by concerns regarding FTX, potentially liquidating its $3.4 billion crypto holdings.
Additionally, historical data from Coinglass indicates that September tends to be volatile for digital assets, with Bitcoin consistently registering negative returns since 2016.
Photo by SvetlanaParnikova on Shutterstock
Read Next: Bitcoin, Ethereum, Dogecoin Drop As Beleaguered FTX Looks To Offload Billions In Tokens: Analyst Foresees Extreme Ethereum Crash, Predicts ETH Dropping More Than 70%
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.