Data shows the crypto derivatives market has faced a fresh wave of 
liquidations as Bitcoin and other assets have gone through a retrace. Crypto 
Market Has Seen Liquidations Of More Than $462 Million According to data from 
CoinGlass, a notable amount of liquidations have occurred in the crypto 
derivatives market over the past day. &#8220;Liquidation&#8221; refers to the forceful 
closure that any open contract undergoes after it has amassed losses of a 
certain percentage specified by the platform. Related Reading: CryptoQuant CEO 
Expects Boring Bitcoin Action, Not Major Crash A mass amount of simultaneous 
liquidations can occur when the asset&#8217;s price observes a sharp price swing, 
not allowing investors the time to close their positions. The risk of this 
happening can increase depending on how much leverage traders are opting for. 
The trigger for the derivatives flush in the past day has been a downward move 
across tokens in the digital asset sector, which took Bitcoin to a low under 
$89,600. Below is a table that shows the numbers involved in this liquidation 
event. In total, the crypto market has witnessed over $462 million in 
liquidations during the last 24 hours, with longs dominating most of the 
flush. More specifically, bullish bets made up for $418 million of the 
positions involved, representing more than 90% of the total. The large amount 
of liquidations could indicate that the recovery in Bitcoin above $94,000 
lured traders into opening fresh longs, which then ended up getting caught out 
by the price plunge. In terms of the symbols, the largest contributor to the 
liquidation event has been BTC with $132 million in positions involved, while 
Ethereum hasn&#8217;t been too far behind with a flush of $116 million. 
Interestingly, while the top two have been predictable, the third place hasn&#8217;t 
been occupied by the usual suspects this time. As the above heatmap displays, 
contracts related to Zcash (ZEC) have been caught up in liquidations of $24 
million. The asset managing higher liquidations than the likes of XRP and 
Solana could be down to the fact that it has seen a notably sharper drop over 
the last 24 hours. Related Reading: Bitcoin Bounce A Bull Trap? Analyst Sees 
2022-Style Bear Flag The latest liquidation squeeze has come as the futures 
market has been witnessing a re-expansion of Open Interest, as highlighted by 
Glassnode in its latest weekly report. The bearish price action between 
October and November had caused a massive amount of liquidations and forced 
traders to pull back on risk, resulting in the Open Interest taking a 
significant hit. Recently, the metric has seen a turnaround, implying 
investors have gradually been building up positions again. BTC Price At the 
time of writing, Bitcoin is trading around $89,500, down 2% over the past day. 
Featured image from Dall-E, Glassnode.com, chart from TradingView.com

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