Over $300 Million Liquidated in an Hour as Bitcoin Plunged to $31K

More carnage swept through the crypto markets today, with another $300 million worth of trades liquidated within an hour. This happened as Bitcoin’s price plunged as low as $31,000 – its lowest level since July 2021.

According to Glassnode, exactly $314.3 million in trades have been cleared within the last hour and $724.99 million within the last 24 hours.
Interestingly, about half of the lost positions were on ETH trades ($154 million) while significantly less were lost on BItcoin trades ($92 million).
Bitcoin was trading above $34,000 at the start of Monday, yet steadily descended throughout the day. Between 16:15 and 17:00 UTC, it then collapsed by $1500 down to $30,990, before rebounding to $31,800 at the time of writing.
With the recent fall, over $300 billion have been wiped from the crypto markets within just four days. At its current price, Bitcoin’s market capitalization is now only $600 billion, despite being a trillion-dollar asset back in December.
Today also marks Bitcoin’s 6th consecutive red weekly candle – a bearish trend not seen since 2014.
Analysis from Glassnode reveals that Bitcoin exchange inflow volume is at a 3 month high right now. That means that large holders are likely planning to sell their coins, or have already.
The last large market liquidation was on Thursday when over $100 million in trades were cleared in an hour following Bitcoin’s descent below $37,000.