Nearly $6 billion: Crypto futures market saw the highest amount of liquidations in its history on Monday

The crypto futures market saw the highest amount of liquidations in its history on Monday.

In the last 24 hours, the market saw $5.77 billion worth of liquidations, according to tracker Bybt, a development triggered by a broad decline in the price of bitcoin and other cryptocurrencies.

By comparison, March 2020's so-called "Black Thursday" saw a total of $4.1 billion worth of liquidations, according to data provided to The Block by Bybt.

Source: Bybt, The Block Research

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During the Black Thursday event, bitcoin's price fell about 50% and led to significant liquidations at the time. Compared to that percentage, the latest bitcoin fall is relatively lower at around 17%, despite higher liquidations.

The maturity of the crypto market could be one reason for the relatively lower price decline. Several crypto exchanges now offer futures trading, compared to a period when BitMEX dominated the market. The level of open interest today is also significantly higher than it was last March.


About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.