Over $300 million was liquidated in an hour as bitcoin crashed to $31,000

More carnage swept through the crypto markets today, with another $300 million worth of trades being liquidated in the space of an hour. This happened when the price of Bitcoin fell to $31,000 – its lowest level since July 2021.

• According to Glassnode, exactly $314.3 million in trades were settled in the last hour and $724.99 million in the last 24 hours.
• Interestingly, about half of the lost positions accounted for ETHtrades ($154 million), while significantly fewer were lost on bitcoin trades ($92 million).
• Bitcoin traded above $34,000 to start Monday but steadily declined throughout the day. It then collapsed by $1,500 to $30,990 between 16:15 and 17:00 UTC before recovering to $31,800 at the time of writing.
• The recent drop wiped out over $300 billion from crypto markets in just four days. At the current price it is market capitalization Bitcoin is down to $600 billion from a trillion dollar fortune in December.
• Today also marks Bitcoin’s 6th consecutive red weekly candle – a bearish trend not seen since 2014.
• Glassnode analysis shows that Bitcoin exchange inflow volume is currently at a 3-month high. This means that large holders are likely planning to sell their coins, or have already done so.
• The last major market liquidation happened on Thursday, when over $100 million worth of trades were settled within an hour of bitcoin crashing below $37,000.