(Coinglass) Over $1 billion of liquidations were experienced in crypto-tracked futures over the past 24 hours as a weak economic outlook continued to hit digital assets.
The liquidations happened even as Bitcoin crashed to a low of $22,400 on Tuesday, while Ether traded at below $1,200.
Overall, Bitcoin accounted for more than $532 million of the liquidations, while Ether saw $317 million in liquidations. Solana recorded almost $20 million in liquidations.
Long bets on higher crypto prices recorded more than $510 million in liquidations, while shorts posted $554 million in liquidations. The liquidations reinforced the view that long and short futures traders were affected almost the same.
Across exchanges, liquidations were the highest at FTX, with over $417 million in losses. OKX saw $251 million in liquidations while Binance posted $198 million in losses.
Overall, the open interest, which represents the number of unsettled futures contracts, shed 7% in the last 24 hours to hit $23 billion.
The market sentiment is still pointing lower as the economic outlook remains clouded. Markets have been warming up to potential faster rate hikes by the Federal Reserve amid record inflation.
BTCUSD is down -0.40%, ETHUSD is down -1.53%.
