Crypto Bloodbath: Bitcoin Liquidations Hit $249M as Binance and Bybit Lead Flush

Crypto market turmoil leads to $249M in Bitcoin liquidations on Binance and Bybit, affecting over 123,000 traders in a single day.

It’s a tough day for the crypto market, as a significant bloodbath has unfolded. Just yesterday, Bitcoin and Ethereum saw massive sell-offs, leading to a staggering **$249 million** in liquidations across major exchanges, primarily concentrated on Binance and Bybit . What exactly happened to cause this turmoil? What Caused the Liquidation Surge? Within the last 24 hours, a total of **123,310 traders** were liquidated, with the cryptocurrency market experiencing intense market pressure. The dramatic wave of liquidations reflects not just a reaction to price drops but also a hefty leverage buildup during previous market rallies. Both Bitcoin and Ethereum took the brunt of the damage. In fact, Bitcoin liquidations alone amounted to **$75.36 million**, and Ethereum saw an additional **$66.75 million** wiped out, summing to over half of the total liquidation losses on the day. Other altcoins contributed just over **$40 million** to the overall losses. How Did Binance and Bybit Contribute? The two largest contributors to this liquidation fiasco were **Binance** and **Bybit**. Binance recorded approximately **$64.82 million** in liquidations, while Bybit closely followed with **$63.62 million**. This significant activity underscores the precarious state of leverage in the crypto market. Who Were the Biggest Losers? Among the wreckage, a standout event was a single **$7.13 million** Bitcoin liquidation on Bybit, marking the largest wipeout of the entire session. Most of the losses came from long positions, which faced disastrous hits totaling **$148.07 million** compared to **$101.70 million** from short positions. What’s Happening With Open Interest? Another critical indicator observed is the behavior of open interest in the market. After peaking at around **$45 billion to $47 billion** late last year, the open interest has collapsed to the low **$30 billion** range. This swift contraction signals that traders are aggressively deleveraging, rather than simply taking profit