°Crypto Market Crash: Hundreds of Thousands of Traders Lost Rp11 Trillion Due to Market "Fire"
The crypto market recently experienced a "fire"
that triggered significant losses for traders. In just 24 hours, total liquidations reached US$689 million, equivalent to around Rp11.4 trillion. Data from Coinglass shows that 183,326 traders were affected by this event.
The majority of losses came from long positions, contributing US$530 million, while short positions contributed US$158 million. The largest single liquidation was recorded on the OKX exchange for the BTC-USDT-SWAP pair, reaching a value of US$8.7 million.
When viewed by asset, Ethereum (ETH) saw the most liquidation with US$181 million, followed by Bitcoin (BTC) at US$161 million, and other cryptocurrencies contributing US$73 million. Binance exchange was the most affected with a total of US$203 million, followed by Bybit (US$182 million), Hyperliquid (US$99 million), and OKX (US$77 million).
This market decline is suspected to have been triggered by a wave of profit-taking by investors after Bitcoin's price briefly surpassed an all-time high of US$126 thousand. Nevertheless, BTC is currently trading in the range of US$121 thousand, showing a decline of 3.8% from its peak.
