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More than $460 million in longs liquidated across the crypto market over the past hour alone after the price of Bitcoin dropped by 8% on rumors that the SEC might delay spot ETF approval. 
According to data by CoinGlass, long traders&nbsp;<a class="editor-rtfLink" href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener">suffered</a>&nbsp;around $462 million in losses across major centralized exchanges over the past hour. 
Over the past 24 hours, 172,626 traders have been liquidated, with the total long liquidations coming in at $557 million and short liquidations coming in at around $58 million. 
Crypto exchange OKX took the lion’s share of these liquidations at over $230 million, followed by Binance at $105 million and Huobi at around $74 million.&nbsp; 
The bulk amount of liquidations came over the past hour, data by CoinGlass show, with the value of liquidated positions reaching $487 million.&nbsp; 
Bitcoin-tracked futures experienced $110 million in both short and long liquidations over the past day while Ethererum-linked futures saw over $82 million in liquidations.&nbsp; 
<h2 id="bitcoin-drops-to-as-low-as-40-000-on-etf-delay-rumors">Bitcoin Drops to as Low as $40,000 on ETF Delay Rumors</h2> 
 The record level of liquidations comes as the leading cryptocurrency crashed to as low as $40,000 after a <a href="https://cryptonews.com/news/matrixport-analysis-sec-to-reject-etf-applications-in-january-with-final-approval-pushed-to-q2-2024.htm">report</a> from Matrixport claimed the SEC is poised to reject spot Bitcoin ETF applications this month.&nbsp; 
“Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure,” the company wrote in a recent post on X (formerly Twitter).&nbsp; 
“With SEC Chair Gensler’s skepticism towards crypto, a potential -20% Bitcoin price drop is anticipated upon ETF denial, though a positive end-of-2024 outlook remains.” 
Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure. With <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> Chair Gensler’s skepticism towards <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a>, a potential -20% <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> price drop is anticipated upon <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> denial, though a positive end-of-2024… <a href="https://t.co/IgaMhBJtiP">pic.twitter.com/IgaMhBJtiP</a> 
— Matrixport (@realMatrixport) <a href="https://twitter.com/realMatrixport/status/1742494210010624179?ref_src=twsrc%5Etfw">January 3, 2024</a> 
At the time of writing, the flagship cryptocurrency is trading at $42,379, down by more than 6% over the past day.&nbsp;

Over $460 Million Longs Liquidated in Past Hour as Bitcoin Drops 8% on Spot ETF Delay Rumors

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