Share this article
Levered Bullish Longs Getting Liquidated as Bitcoin Market Softens
CoinGlass data shows that in the last 24 hours, $116.38 million worth of futures bets were liquidated, with $85.68 in bullish long positions
Updated Jul 18, 2023, 6:43 a.m. Published Jul 18, 2023, 6:42 a.m.
On-chain data shows that traders' bullish long positions on bitcoin are being liquidated as the cryptocurrency struggles to gather traction above $30,000.
Data from CoinGlass shows that $85.68 million in long positions were liquidated in the last 24 hours, making up the majority of the $116.38 million in positions ‘rekt’ as the crypto market softens.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
CoinGlass data also suggests that a significant number of liquidated traders had high-leveraged positions, with many that held positions between the $30,200 and $30,500 range.
Futures trading involves the use of leverage, meaning traders can take large long/short position by depositing a relatively small amount of money, called a margin, with the exchange providing the rest of the value. That exposes futures traders to liquidations – forced closure of long/short positions due to margin shortages often caused by the market moving against the direction of the levered bet.
The use of leverage has been creeping back into the market after hitting a low at the end of April. The higher the degree of leverage in the market, the greater the probability of wild price swings.
CryptoQuant’s estimated leverage ratio for bitcoin has risen from 0.19 at the end of April to 0.25 currently. It could rise further, as the recent bitcoin spot-ETF filings by BlackRock and other traditional finance heavyweights has revived bullish sentiment in the crypto market.
"There's a continued focus solely on U.S. (ETFs)," Edward Moya, senior market analyst for foreign exchange market maker Oanda, told CoinDesk earlier. "People are not going to be as optimistic until we get a further update that we're going to get that ETF done in the States."
Bitcoin is currently trading for $30,080, according to CoinDesk data.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
What to know:
- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
- The token's momentum is also fueled by Binance's pause on LUNC withdrawals ahead of the Terra Chain's v2.18 upgrade, which aims to improve network stability, despite the token remaining volatile.
Top Stories
