Bitcoin Plunge Triggers Wipeout of $180 Million in Crypto Liquidations

Crypto traders faced massive liquidations totaling $180 million in just one hour on September 23, as Bitcoin (BTC) plummeted below $85,000.

The majority of losses came from long positions, with $174 million in long liquidations compared to just $6.36 million in short positions. This imbalance between the two sides was a staggering 27-to-1, indicating that the move primarily forced out bullish leveraged bets.

Bitcoin's price dropped by 1.58% during the hour, but it was the concentrated losses among traders who had positioned themselves for further gains that really stood out.