Traders who bet the crypto market would keep rising suffered the second-largest day of liquidations this month as Bitcoin and Ether both slid.
Crypto bulls who bet the market would continue to rise saw the second-biggest day of liquidations in October, with the market steadying after Bitcoin’s drop pulled down the price of major cryptocurrencies.
Total crypto liquidations reached $261 million on Oct. 23, with over $203.5 million coming from long bets — second only to the $450.8 million worth of crypto longs liquidated on Oct. 1 when Bitcoin (BTC) dropped by around 5%, CoinGlass data shows.
Ether (ETH) long bets had their biggest liquidation day, with over $77 million nixed over the last 24 hours, followed by around $58.3 million in Bitcoin call options.
