$460M Crypto Longs Squeezed As Bitcoin Slips Below $90,000

The crypto derivatives market experienced significant liquidations, exceeding $462 million in the last 24 hours. CoinGlass data reveals a surge in liquidations, reflecting forced closure of open contracts due to losses. A sharp price decline triggered the event, impacting various digital assets and taking Bitcoin below $89,600. Long positions dominated the liquidations, with bullish bets accounting for over $418 million, representing over 90% of the total. Bitcoin and Ethereum led in liquidations, with $132 million and $116 million respectively, followed by Zcash with $24 million. This indicates traders were caught out by the price plunge, potentially lured by Bitcoin's recovery above $94,000. The futures market's Open Interest has been expanding recently, suggesting increasing investor positions. The previous bearish price actions between October and November caused massive liquidations, leading to a significant drop in Open Interest. This recent rebound indicates a renewed interest in building positions after the correction. Bitcoin is currently trading around $89,500, down by 2% over the last day.