On January 10, 2025, the cryptocurrency market faced significant turbulence, marked by the largest single liquidation order on BitMEX, involving a $5.5 million XBTUSD position. A total of over 121,000 traders were liquidated, demonstrating heightened market volatility.
Long positions were heavily impacted, accounting for $194 million, approximately 60% of total liquidations, while short positions contributed $120 million. Binance led the exchange-specific liquidations with $31.52 million, where 81.04% were long positions. OKX followed with $15.75 million, maintaining a long-dominant liquidation ratio of 79.75%. Bybit recorded $13.64 million in liquidations, with 78.5% attributed to long positions.
Bitcoin's price has shown volatility, recovering to $102,000 on January 6 before a retracement on January 7. As of January 10, Bitcoin opened positively, gaining 4% to reach $95,000, before a flash crash to $92,700 and a quick recovery to $94,400.
Overall, $83.51 million was liquidated in BTC positions, alongside notable activity in altcoin markets with $54.93 million in ETH positions. This concentration of liquidations indicates that market participants remain highly leveraged, potentially setting the stage for continued volatility in the near term.