Bitcoin markets flatly rejected the $ 60,000 price range on March 15th, as overexposure led to a record $ 500 million in a prolonged liquidation in just 60 minutes.
Glassnode founders Jan and Yann highlighted Bitcoin’s new record of liquidation, noting that more than half of the open futures contracts had been used at least 20 times before the margin call.
However, Bybt’s data indicates a $ 800 million liquidation in just 15 minutes.
According to data aggregated by cryptocurrency market, Datamish, 292 positions valued at $ 94.5 million were liquidated in the last 24 hours on the BitMEX derivative exchange. At Bitfinex, 488 deals were closed for nearly $ 100 million during the same period.
The second largest one-day settlement occurred on February 22nd, when BTC fell from its then-high of $ 58,300 to around $ 47,000. As Cointelegraph reported, $ 5.9 billion in futures contracts were liquidated during the crash.
Since peaking at $ 61,000 on March 14, Bitcoin has corrected 12.3% to $ 53,500 during Asian trading on Tuesday, March 16th. BTC has recovered a bit since then, and has recently changed hands for $ 54,600 at the time of writing.
This latest correction is the third major correction for the current bullish cycle.
While the Bitcoin Fear and Greed Index showed that the markets were “extremely greedy” last week, the recovery put the index back into the “greedy” category with a rating of 71, indicating a significant cooling in market sentiment.