By cryptoadmin 
Over $460 Million Longs Liquidated in Past Hour as Bitcoin Drops 8% on Spot ETF Delay Rumors . 1 min read Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
More than $460 million in longs liquidated across the crypto market over the past hour alone after the price of Bitcoin dropped by 8% on rumors that the SEC might delay spot ETF approval.
According to data by CoinGlass, long traders suffered around $462 million in losses across major centralized exchanges over the past hour.
Over the past 24 hours, 172,626 traders have been liquidated, with the total long liquidations coming in at $557 million and short liquidations coming in at around $58 million.
Crypto exchange OKX took the lion’s share of these liquidations at over $230 million, followed by Binance at $105 million and Huobi at around $74 million.
The bulk amount of liquidations came over the past hour, data by CoinGlass show, with the value of liquidated positions reaching $487 million.
Bitcoin-tracked futures experienced $110 million in both short and long liquidations over the past day while Ethererum-linked futures saw over $82 million in liquidations.
Bitcoin Drops to as Low as $40,000 on ETF Delay Rumors
The record level of liquidations comes as the leading cryptocurrency crashed to as low as $40,000 after a report from Matrixport claimed the SEC is poised to reject spot Bitcoin ETF applications this month.
“Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure,” the company wrote in a recent post on X (formerly Twitter).
“With SEC Chair Gensler’s skepticism towards crypto, a potential -20% Bitcoin price drop is anticipated upon ETF denial, though a positive end-of-2024 outlook remains.”
Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure. With #SEC Chair Gensler’s skepticism towards #crypto, a potential -20% #Bitcoin price drop is anticipated upon #ETF denial, though a positive end-of-2024… pic.twitter.com/IgaMhBJtiP
— Matrixport (@realMatrixport) January 3, 2024
At the time of writing, the flagship cryptocurrency is trading at $42,379, down by more than 6% over the past day.
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