On January 13, 2025, Bitcoin's volatility led to $311.53 million in total crypto liquidations within 24 hours, with prices fluctuating between $95,000 and $92,000. This followed a brief 2% rise that was quickly reversed by a 3% decline as Asian markets opened.
According to data from Coinglass, long positions made up 78.82% of these liquidations, amounting to $245.55 million, while short positions accounted for $65.99 million. Binance experienced the highest impact, liquidating $127.18 million, predominantly from long positions (81.21%). OKX and Bybit followed with $79.50 million and $52.87 million, respectively, also mainly from long liquidations.
Bitcoin was the most affected asset, with $44.91 million liquidated from long positions and $20.43 million from shorts. Ethereum saw $34.31 million in long liquidations and $18.11 million from shorts. Other cryptocurrencies such as Solana, XRP, and Dogecoin contributed to the overall liquidations, highlighting significant market instability.
The largest single liquidation occurred on Binance's BTCUSDT pair, valued at $8.21 million, impacting over 132,800 traders. Despite a slight decline in open interest, which fell to $60 billion from a peak of $71 billion on December 18, liquidations remained high.