BTC plummeted, and more than 500 million US dollars were liquidated. Is the bull market still there?

Data shows that as BTC fell below the $63,000 level, approximately $533 million in long-term contracts on Crypto assets were sold. **

Since hitting a new all-time high (ATH) of $73,800, BTC’s fortunes have changed, with the digital asset turning bearish momentum.

** In the past 24 hours, BTC has extended its recent decline, with the price falling by more than 7%. **The chart below shows the recent performance of this Crypto asset.

As the chart shows, BTC fell to $62,600 levels for the first time in weeks. This means that BTC has fallen more than 15% since its all-time high.

**While BTC has underperformed over the past day, other assets in the sector have performed even worse on average, with some suffering double-digit losses. **

As a result of these fluctuations, the derivatives side of the market has also been shaken, with liquidations piling up on various exchanges.

When the accumulated losses of a contract reach a certain level, causing its opening platform to step in and forcibly close the contract, it is said to be “liquidated”.

According to data from CoinGlass, there have been multiple such liquidations in the crypto asset space in the past 24 hours. **The table below details this market move.

Over the past day, it appears that nearly $657 million in Crypto asset derivatives contracts were liquidated.

**Given that today’s market price action is heavily biased to the downside, it’s no surprise that the vast majority of the liquidation rush involves longer-term contracts. **

More specifically, the long market suffered a $533 million liquidation, while the short market took a hit of $123 million. Over 80% of liquidations involved those betting bullishly on BTC.

**In terms of single liquidation volume, BTC and ETH once again topped the list, with liquidation volumes of US$191 million and US$134 million respectively. **

Among other assets, Solana and Dogecoin stand out with liquidations of $39 million and $14 million respectively. **Part of their large liquidations may be due to their larger declines than other well-known assets. **

The chart below shows that despite heavy liquidations, BTC open interest remains at relatively extreme levels.

Open interest measures the total number of contracts related to BTC in the derivatives market.

Generally speaking, BTC is more prone to volatility when this indicator is high,** so sharp price swings are likely to continue before the indicator cools down further. **