Bitcoin fell 15% on Saturday and forced liquidations across BitMEX. The exchange shut down over $260 million in long positions, with May 10 marking the worst day: $295 million liquidated in a single d
Bitcoin fell 15% on Saturday and forced liquidations across BitMEX. The exchange shut down over $260 million in long positions, with May 10 marking the worst day: $295 million liquidated in a single day.
Longs absorbed the losses. According to Cryptometer data, 96% of liquidations came from XBT/USD longs—worth $266 million or more. Shorts accounted for just $11.3 million, or 4% of the total.
Advertisement
728×90
Ethereum and XRP traders faced similar pressure. XRP liquidations hit $12.3 million on BitMEX, while Ethereum liquidations reached $6.5 million. XRP represented 4.1% of all BitMEX long liquidations and 0.02% of shorts. Ethereum accounted for 2.2% of longs and 0.22% of shorts.
Over the past 24 hours, total liquidations reached $90 million. Longs absorbed $63 million or 70%. Shorts took $26 million or 30%.
The XBT/USD perpetual held $484 million in open interest. Current liquidation rates stood at about $1 million (99%) from longs and $10,300 (1%) from shorts. The perpetual—with funding payments every 8 hours—was set to pay out at 3:00 PM UTC+3.
Bitcoin fell from $9,800 to lows near $8,100 in 15 minutes. Massive selling pressure drove the crash. Bitcoin had touched $10,000 on May 8. This reversal wiped out retail traders who had gone long expecting pre-halving gains. Traders in those positions took losses as high as 15%.
Bitcoin recovered to trade near $8,700. The crash shook the market after weeks of bullish positioning. Halving hype had fueled that positioning, but bulls could not maintain $10,000. The price collapsed instead.
This contrasts with Bitcoin's climb since March 12, when it bottomed at $3,800. The price has risen 150% from that low.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
Advertisement
728×90
Bitcoin reached $109,356 on January 20, 2025, marking a new all-time high coinciding with Trump's inauguration.
Bitcoin Cash ABC's price rocketed 62% in the past day, climbing from $12.27 to $19.97 as the project released a new client focused on stability fixes. The rebound offered holders a reprieve after the
Bitcoin reached $18,483 in the past 24 hours, extending a significant rally over the previous week. BTC/USD climbed more than 15 percent in the last seven days following a breakthrough past the $16,00
Law enforcement caught a California man attempting one of the more dramatic getaways in recent financial crime history. Matthew Piercey, accused of orchestrating a massive investment scam, tried to es
Grayscale Investments has crossed an unprecedented $10.4 billion in digital asset holdings, marking the first time the institutional crypto fund manager has reached this significant threshold. The mil
DeFi token yearn.finance (YFI) jumped more than 20% as Bitcoin surged past $18,000, sparking enthusiasm across the crypto market. The token climbed from just above $21,000 to an intraday peak of $24,8
Verifiable crypto journalism, delivered to your inbox.
Weekday mornings. No hype. No financial advice. Just what happened and why it matters.
No spam. Unsubscribe anytime. Read our privacy policy.
