Sudden Crypto Volatility Spurs $216M in Losses, Liquidating Both Long and Short Positions

Cryptocurrency prices rose early Friday but then dropped sharply following a report that the SEC had deemed recent spot BTC filings inadequate.

AccessTimeIconJun 30, 2023 at 5:08 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

Quick swings in cryptocurrency prices on Friday wiped out traders of both long and short positions, totaling $216 million of losses in liquidations over the past 24 hours, CoinGlass data shows.

Bitcoin (BTC) rose above $31,200 early Friday, before quickly plunging to as low as $29,470, CoinDesk Indices data shows, as traders reacted to the news about the U.S. Securities and Exchange Commission (SEC) deeming recent filings for spot bitcoin exchange-traded funds inadequate.

After that initial shock, BTC stabilized at around $30,000 and by press time had begun to recoup some losses, returning to just shy of $30.5000. Other cryptocurrencies largely followed BTC’s price action in both directions.

The volatility wiped out more than 68,000 traders, per CoinGlass, liquidating $116 million of long (bets on higher prices) and $100 million of short (bets on lower prices) positions. Liquidations happen when an exchange closes leveraged positions due to a partial or total loss of the initial margin because the trader doesn’t have enough funds to keep the position open.

BTC traders endured $65 million of losses, mostly liquidating longs, followed by ether (ETH) traders with $36 million of mostly short liquidations.

Bitcoin cash (BCH), was responsible for $22 million of liquidations. The token almost tripled its price in June and experienced a resurgence in trading activity after being one of the four assets listed on EDX Markets, a new crypto exchange backed by traditional finance heavyweights Citadel, Fidelity and Schwab.

The largest single liquidation order happened on the Bybit exchange, a BTC-USD position valued at $4.57 million.

Edited by Nelson Wang.


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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

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.