Billions of dollars in leverage was wiped from the crypto market as Bitcoin plunged 14% in a few hours after briefly notching a new all-time high.
Crypto traders using options and futures to gain exposure to Bitcoin (BTC) are out of pocket a staggering $1 billion after the cryptocurrency crashed more than 14% from its new all-time high of $69,200 on March 5.
In a March 6 post to X, on-chain analytics provider Santiment wrote that the total open interest (OI) on exchanges for Bitcoin, Ethereum (ETH), and Solana (SOL) declined significantly after the BTC all-time high the previous day.
Bitcoin open interest fell $1.46 billion (-12%) over the course of a few hours, while Ether’s (ETH) dropped $967 million (-15%), and Solana’s (SOL) tumbled $424 million (-20%).
