ApeCoin Futures See $36M in Liquidations After Volatile Trading

The tokens surged and sank as new features in the Bored Ape Yacht Club ecosystem went live.

AccessTimeIconApr 29, 2022 at 8:51 a.m. UTC
Updated May 11, 2023 at 4:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Futures tracking ApeCoin (APE) tokens lost about $36 million in liquidations during a volatile 24 hours, data shows.

  • Liquidations in the crypto market occur when a trader has insufficient funds to fund a margin call, which is when an exchange asks for extra collateral to keep the trading position funded.
  • APE prices jumped to more than $27.50 on Thursday evening from $19 on Wednesday, before profit-taking saw the tokens decline to as low as $20.48 in Asian morning hours on Friday. Such movement occurred in an otherwise little-changed crypto market, with bitcoin (BTC) and ether (ETH) moving just 2% in the past 24 hours.
APE tokens saw volatile trading in the past 24 hours. (TradingView)
APE tokens saw volatile trading in the past 24 hours. (TradingView)
  • APE has more than doubled from mid-April's levels of around $11, with the volatility leading to an increase in trading volume on the token's futures. Liquidations have increased in parallel: APE futures have racked up millions of dollars in losses – higher than usual – for their traders several times in the past weeks.
  • Thursday’s volatility came ahead of virtual pockets of land going on sale in the popular Bored Ape Yacht Club (BAYC) ecosystem, confirming rumors from last week. The virtual land will be sold for a flat price of 305 APE, developers confirmed in a tweet on Friday, which may have contributed to the demand for APE among traders. The land was initially planned to be sold in a Dutch auction.
  • Most of the liquidations on APE in the past hours arose from short traders, or those betting against higher prices. Some $24.88 million worth of shorts were liquidated, data show, compared with $11 million in longs.
  • Crypto exchange OKX saw $10 million in liquidations, the most among all exchanges, followed by Binance at $9 million and Bybit at $7.98 million.
  • The higher-than-usual liquidation activity on APE was comparable to $37 million on ether futures, making them one of the most traded crypto futures in the past 24 hours. Bitcoin futures, however, continued to lead with in excess of $66.29 million.

CORRECTION (April 29, 12:21 UTC) Corrects fourth bullet to say land pockets will be sold for a flat price. Previous version said they would be sold through auction.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.