Share this article
BIGTIME, ORDI Tokens Lead Nearly $250M in Altcoin Liquidations
Altcoins futures took a hit Monday as sudden volatility liquidated both longs and shorts, causing unusually high liquidations on some lesser-known tokens.
Updated Mar 8, 2024, 6:15 p.m. Published Dec 5, 2023, 7:58 a.m.
Unusually high liquidations on some altcoin futures led by Big Time’s BIGTIME and Ordi Protocol’s ORDI tokens created over $250 million in total altcoin liquidations in the past 24 hours, showcasing the inherent and sudden volatility of the sector.
Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
These figures were without the liquidations of futures trading bitcoin [BTC] and ether [ETH], which topped the charts at a cumulative $85 million in evaporated bets.
Some $15 million in ORDI bets were liquidated, followed by $12 million on BIGTIME. These consisted of both longs, or bets on higher prices, and shorts, or bets against. Prices of both these tokens whipsawed in the past 24 hours, impacting traders on either side.
Demand for Bitcoin-linked tokens has created hype for ORDI, which is tied to Bitcoin’s ecosystem – with the tokens gaining 580% in the past month. Meanwhile, an ongoing narrative for crypto gaming platforms has benefited BIGTIME holders, who have gained nearly 400% since the start of November.
Traders of Celestia’s TIA and Memeland’s MEME – both tokens were issued last month – lost some $10 million.
Elsewhere, bets on tokens tied to Terra’s once-titan ecosystem soured, with traders of LUNC, USTC and LUNA losing some $11 million. Prices of these tokens surged up to 70% on Monday on various catalysts, as CoinDesk reported.
Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly.
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
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
