Crypto traders face $32.39 million in liquidations in one hour

Crypto traders faced a wave of liquidations on October 5, with a total of $32.39 million in leveraged positions closed across major exchanges. The data, compiled by TokenPost, covers liquidations on Binance, Bybit, and OKX up to 10:37 a.m. ET (14:37 UTC). Long positions dominated the closures, accounting for 83% of the total at $26.72 million, while short positions amounted to $5.67 million. The combined tally included 4,588 liquidations.

Binance saw the highest liquidations at $22.39 million, followed by OKX with $5.99 million and Bybit with $4.01 million. By asset, Bitcoin (BTC) led the liquidations with $19.36 million, Ether (ETH) followed at $3.10 million, and Solana (SOL) recorded $2.10 million. Liquidations occur when traders cannot meet the required margin, leading exchanges to close their leveraged positions.

The figures provided by TokenPost reflect data from the three exchanges and do not represent the entire market. The one-hour snapshot highlights the significant impact of long positions during this volatile period.