Traders who bet the crypto market would keep rising have suffered a the second largest day of liquidations this month as Bitcoin and Ether both slid on the day.
Crypto bulls who bet the market would continue to rise have seen the second-largest day of liquidations in October, with the market now steady 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 place 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 the biggest liquidation day, with over $77 million nixed over the last 24 hours, followed by around $58.3 million in Bitcoin call options.
