10x Research attributed the large liquidations to some traders anticipating a price correction, while others have fear of missing out (FOMO) that Bitcoin will keep rallying.
Over $361 million worth of leveraged trades have been liquidated over the last 24 hours as Bitcoin (BTC) hit a new all-time high of $73,050 before falling back down below $70,000 on March 12.
The price swing mostly liquidated long positions — those betting it would rise — with $258 million erased, while short sellers were ousted a little over $103 million, according to data from crypto trading and information platform Coinglass.
It’s the largest long flush-out since March 5, when Bitcoin fell to $60,800 after notching its previous all-time high of around $69,000.
