Bitcoin and Ethereum crash by more than 12% in 6 minutes as more than $1B of positions gets liquidated

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Bitcoin and Ethereum crashed by 12% and 20% respectively in about 6 minutes as more than $1 billion of positions were liquidated.

Bitcoin’s price went from $11,930 to $10,550. By press time, the price has now recovered to about $11,400.

Ethereum crashed from $408 to $326. By press time, the price has now recovered to about $380.

Liquidations

About $1.1 billion worth of futures positions of more than 70,000 traders were liquidated across all exchanges, according to market data site Bybt. Nearly $400 million was liquidated on each OKEx and Huobi; followed by BitMEX ($164M) and Binance ($86M).

The largest single liquidation order worth $10 million happened on BitMEX's Bitcoin perpetual swap. Most of the liquidations, about $647 million, came from Bitcoin's futures, followed by Ethereum with $165 million of liquidations.

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May 5, 2022, 3:17PM UTC
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