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Over $361 million worth of leveraged trades have been liquidated over the last 24 hours as Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) hit a new all-time high of $73,050 before falling back down below $70,000 on March 12.
The price swing mostly liquidated long positions — those betting it would rise — with $258 million erased, while short sellers were ousted a little over $103 million, <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">according</a> to data from crypto trading and information platform Coinglass.
It’s the largest long flush-out since March 5, when Bitcoin fell to $60,800 after notching its previous <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k" rel="noopener noreferrer nofollow">all-time high of around $69,000</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/4eb7bb8a-f9ca-4204-a216-81c0db598f40.png">
 <figcaption style="text-align: center;">Daily cryptocurrency short and long liquidations over the last six months. Source: Coinglass
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Volatility wasn’t as severe this time around, with Bitcoin’s price only swinging 4.85% between its March 12 low of $69,365 and a high of $72,733, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener noreferrer nofollow">according</a> to CoinGecko.
Bitcoin has since leveled out to $71,400 at the time of publication.
A 10x Research spokesperson told Cointelegraph the uptick in volatility is likely stemming from traders anticipating a price correction.
<blockquote>
 “Traders are becoming more nervous that we could see a price correction as Bitcoin has failed to rally during [United States] trading hours when the ETFs start trading.”
</blockquote>
“At the same time there is big FOMO going on,” which may mean the rally will continue, the spokesperson added.
10x Research also noted that <a href="https://cointelegraph.com/news/bitcoin-futures-open-interest-hits-all-time-high-is-it-a-red-flag-for-btc-price" rel="noopener noreferrer nofollow">futures open interest</a> increased 5% over the weekend — March 9 and 10 — which it suspects were put on with tight stops.
Related: <a href="https://cointelegraph.com/news/bitcoin-short-sellers-lose-161-million-btc-price-rally" rel="noopener noreferrer nofollow">Bitcoin short sellers are out $161M as Bitcoin surprises with 11% rally</a>
Bitcoin and Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) trades accounted for the most liquidations over the last 24 hours at $106.3 million and $73.3 million, respectively.
Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>), Dogecoin (<a href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow">DOGE</a>) and the Bitcoin-based memecoin Ordi (ORDI) also saw significant liquidations.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/3f9a3c01-4606-459e-bd94-fbfab723f021.png">
 <figcaption style="text-align: center;">Cryptocurrency liquidation heatmap over the last 24 hours spanning March 11-12. Source: Coinglass.
 </figcaption>
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The most <a href="https://cointelegraph.com/explained/long-and-short-positions-explained" rel="noopener noreferrer nofollow">short and long liquidations</a> occurred on crypto exchange OKX, totaling $152 million, while Binance traders saw combined losses of $128.4 million.
Short sellers <a href="https://cointelegraph.com/news/bitcoin-rally-burn-six-billion-short-sellers-s3-partners" rel="noopener noreferrer nofollow">lost more than $6 billion</a> trying to bet against publicly traded crypto firms over the first 11 months of 2023 as Bitcoin rallied 130% to $37,800 over the same time, according to research firm S3 Partners.
Magazine:<a href="https://cointelegraph.com/magazine/crypto-inevitable-all-in-meet-vance-spencer/" rel="noopener noreferrer nofollow"> ‘Crypto is inevitable’ so we went ‘all in’ — Meet Vance Spencer, permabull</a>

Bitcoin price rollercoaster liquidates $360M from long and short sellers

Cointelegraph

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