The crypto market witnessed a tumultuous 24 hours between Oct. 1 and 2, seeing a massive liquidation spike. Around 85% of these liquidations were short positions, translating to $97.73 million in shorts liquidated in just a day. This rapid movement affected 29,510 traders, bringing the total liquidation value to $114.92 million. The most significant single liquidation order was observed on Huobi with the BTC-USDT pair, valued at $8.39 million.
Major exchanges like OKX, Binance, and Huobi were at the epicenter of these liquidations. They recorded liquidation values of $36.21M, $33.20M, and $27.79M, respectively. CoinEx, mainly, experienced a notable 97.94% of its liquidations in short positions. In contrast, other exchanges oscillated between 72% and 96% in short liquidations.
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