Bitcoin Liquidations Lead $400M in Futures Losses After Drop to $35.7K

The crypto market saw its highest amount of liquidations so far this month.

AccessTimeIconMay 6, 2022 at 7:54 a.m. UTC
Updated May 11, 2023 at 6:58 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

Liquidations on crypto-tracked futures exceeded $400 million in the past 24 hours as bitcoin (BTC) dropped to as low as $35,700, setting the tone for a downturn in the broader crypto market.

Bitcoin futures racked up $191 million in losses alone, Coinglass data shows, suggesting most trading activity and open interest was limited to the largest cryptocurrency by market capitalization. Ether (ETH) futures followed with $64 million in losses.


Liquidations occur when an exchange closes a leveraged position as a safety mechanism due to a partial or total loss of the trader’s initial margin. That happens primarily in futures trading, which only tracks asset prices, as opposed to spot trading, where traders own the actual assets.

Bitcoin fell from $39,800 on Thursday morning to below the $36,000 support level following a sell-off in U.S. equities. Reports suggested the plunge came as traders priced in higher rates to curb inflation in the U.S., despite a rally on Wednesday after Federal Reserve Chairman Jerome Powell said the country would do everything in its power to curb inflation.


Major cryptocurrencies showed relatively lower losses. Futures tracking Solana’s SOL saw $9 million in losses, followed by Terra’s LUNA at $6.7 million. That was despite the two tokens losing as much as 10% in the past 24 hours – suggesting the sell-off was led by spot assets.

Among other alternative currencies, apecoin (APE) futures saw the most losses at $11 million, followed by stepn (GMT) at $10.36 million. Dogecoin (DOGE) futures lost $4.56 million after underperforming the market on Thursday.

Over $161 million in liquidations occurred on OKX, the most among crypto exchanges. Binance followed with $104 million while FTX saw $56 million, data showed.


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; 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 offers all employees above a certain salary threshold, including journalists, stock 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 to register and buy your pass now.