The Great Crypto Liquidation: How $2.8 Billion in Leverage Was Wiped Out in 48 Hours

A perfect storm of cascading liquidations rocked crypto markets this week as Bitcoin’s 12% plunge triggered the largest deleveraging event since November 2022. Our investigation reveals:
 
• Liquidation Heatmap: Over 80% of positions wiped were long bets, concentrated at $58,300-$61,200 support levels
• Exchange Comparison: Binance accounted for 42% of liquidations, followed by OKX (28%) and Bybit (19%)
• Six nine-figure positions were liquidated, including a $143 million BTC perpetual contract on BitMEX
• Market Impact: The deleveraging created a liquidity vacuum that amplified downward momentum
 
Industry analysts suggest this reset positions the market for healthier growth, though volatility may persist through Q3.

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