Bitcoin’s (BTC) dip below the $39,000 mark resulted in significant liquidations totaling approximately $115 million across the cryptocurrency market during the past hour.

Red market

In the last 24 hours, BTC experienced a 4% decline, trading at $38,915 as of press time, according to data from CyptoRanking. This downturn reduced its market capitalization by around $40 billion, settling at $767 billion.

BitMEX co-founder Arthur Hayes suggested that Bitcoin’s current price trend could persist until the end of the month, influenced by the US Treasury’s quarterly refunding announcement.

Simultaneously, Ethereum (ETH) witnessed a 6% drop, reaching $2,230. The decline in ETH’s price can be attributed to substantial selling pressure from its Foundation and fund movements related to the distressed crypto entity Celsius.

Celsius transferred around 13,000 ETH (approximately $30.87 million) to Coinbase and 2,200 ETH (roughly $5.12 million) to FalconX, while the Ethereum Foundation sold $1.6 million of the digital asset.

Long traders stunned

Data from Coinglass reveals substantial losses for traders anticipating further market price increases. For context, long traders lost $115 million during the past hour alone.

When the time frame is extended to 24 hours, long traders’ losses amount to nearly $300 million, while those with bearish market positions incurred a more modest $38 million in losses during this reporting period.

Bitcoin traders bore the brunt of the downturn, losing more than $80 million, with more than 60% of these losses attributed to long positions. The most significant individual liquidation was a $5 million wager on BTC’s price increase on Bybit.

Similarly, Ethereum speculators faced total liquidations of around $70 million, with the majority of losses—approximately $60 million—stemming from traders betting on ETH price increases.

Traders holding positions in other major digital currencies also experienced substantial losses, with Solana, XRP, Dogecoin, and Ordinal seeing liquidations of $16 million, $4 million, $5 million, and $6 million, respectively.

Examining exchanges, Binance, the largest cryptocurrency exchange by trading volume, saw traders collectively lose $98 million, while OKX reported liquidations totaling $71 million. Other crypto platforms, including ByBit and HTX, witnessed a combined loss of $63.52 million among their traders.

Oluwapelumi Adejumo

Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

Liam 'Akiba' Wright

Also known as "Akiba," Liam is a reporter, editor and podcast producer at CyptoRanking. He believes that decentralized technology has the potential to make widespread positive change.

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