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Hundreds of millions of dollars worth of crypto assets have been liquidated during the last day as the king crypto dips below the $26,000 level.<\/p>\n
New data from market intelligence firm Coinglass reveals<\/a> the extent of the liquidations, the majority of them coming from crypto exchange platforms such as OKX, Binance, and ByBit, which saw $41 million, $38.6 million and $17.9 million worth of options contracts disappear, respectively.<\/p>\n According to the analytics firm, the digital assets affected most include Bitcoin (BTC<\/a>), which saw over $47 million worth of options contracts liquidated during the last 24 hours and leading smart contract platform Ethereum (ETH<\/a>), which saw nearly $31 million worth of derivatives contracts vanish in the same time frame.<\/p>\n Other notable crypto assets that saw liquidations include ETH competitor Solana (SOL<\/a>), decentralized peer-to-peer network Litecoin (LTC<\/a>), and XRP<\/a>, the token associated with Ripple Labs\u2019 payments platform. The trio of virtual currencies saw $3.01 million, $2.29 million, and $2.84 million in liquidations, respectively.<\/p>\n Coinglass also finds that the overwhelming majority of liquidations came from investors who went long. During the last 24 hours, short sellers sold just over $16 million worth of positions while traders who went long sold off $113.2 million worth of contracts.<\/p>\n The correction comes days after Bitcoin sparked<\/a> a rally following Grayscale\u2019s legal victory against the U.S. Securities and Exchange Commission (SEC) over the creation of a spot market BTC exchange-traded fund (ETF). In the case, a judge ruled that the SEC must reconsider its position to remain consistent.<\/p>\n However, the following day, the regulatory agency announced<\/a> that it would be delaying its decision on whether or not it would approve spot market BTC ETFs for Invesco, WisdomTree, and Valkyrie, according to a report from Reuters.<\/p>\n Bitcoin is trading for $25,875 at time of writing, a 5.44% decrease during the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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