In the last two days, prices of bitcoin (BTC) and ether (ETH) futures fell below key support levels, triggering some of the biggest losses in over a month.
This ended a period of low volatility for bitcoin, which dropped to nearly $28,500 on Wednesday night. This was one of the sharpest declines since mid-June.
Other major cryptocurrencies, such as XRP, solana (SOL), and ether, also followed bitcoin’s downward trend, losing up to 5% of their value.
Futures traders of the top cryptocurrencies suffered more than $160 million in liquidations in the past 24 hours, and more than $320 million since the beginning of the week.
Bitcoin futures accounted for almost $50 million of the losses, while ether futures lost $22 million and litecoin (LTC) futures lost $5 million.
Bitcoin cash (BCH), solana, and XRP futures each had about $4.5 million in liquidations. Most of the liquidations (90%) were from long positions, or bets that the prices would go up, according to Coinglass data.