According to BlockBeats on June 19, the cryptocurrency market accelerated its pullback. Bitcoin fell to $62,624.39, while Ethereum dropped below the $1,700 level. The simultaneous decline in the two major crypto assets was accompanied by a sharp increase in liquidations across leveraged trading positions.
Long positions made up most of the one-hour liquidations
As prices moved lower, total liquidations across the network reached $180 million over the past hour. Of that amount, long liquidations accounted for $176 million, representing the dominant share of the one-hour liquidation total. In futures and other leveraged products, liquidation occurs when a position no longer has sufficient margin and is forcibly closed under platform rules.
The disclosed figures show that the rise in liquidations occurred alongside the short-term market decline. Bitcoin’s fall to $62,624.39 and Ethereum’s move below $1,700 formed the immediate backdrop for the increase in network-wide liquidation data.