A recent cryptocurrency market shakeout has resulted in significant losses, with over 193,000 traders losing more than $891 million in leveraged positions, according to CoinGlass data. The decline is primarily impacting Bitcoin and Ethereum, which saw liquidations exceeding $275 million and $290 million respectively. Solana, Dogecoin, and XRP have also experienced substantial losses due to compounding liquidations. 💰
The disparity between long and short liquidations highlights the severity of the losses for those holding long positions. The bearish pressure has resulted in forced sell-offs despite Bitcoin’s recent surge above $120,000. This shakeout shows the vulnerability of leveraged trading, which could signal the end of the bull run.