Over $1 billion in crypto positions were liquidated in 24 hours as longs got flushed
More than $1 billion in crypto positions were liquidated over the past 24 hours, per CoinGlass, with longs accounting for $842 million of the damage. About 148,500 traders were wiped out. The largest single position was a $38 million bitcoin-dollar bet on Hyperliquid. Bitcoin led at $489 million in liquidations, ether at $295 million.
Bitcoin is trading near $59,750 on Friday morning, down 2.8% on the day and back in the $58,000 to $62,000 range it has churned through all week, per CoinDesk data.
The 24-hour low hit $58,188, uncomfortably close to the levels where another $1.6 billion in leveraged long positions are clustered, per CoinGlass.
Today's quarter-end options expiry is the live catalyst.
A large volume of options contracts expire simultaneously at quarter-end, which can amplify moves in either direction as traders close or roll positions. How bitcoin exits the session today is likely to set the tone heading into July.