What Caused Over $200M Worth of Liquidations in Last 24 Hours

The screenshot below shows that in the last 24 hours, 212.39 million worth of trades have been liquidated. Specifically, longs worth $172 million and short positions worth over $40 million faced the wrath of liquidations.

The liquidations happened as Bitcoin fell by over 2.5% on Sunday.

As the price of BTC declined, the on-chain analytical platform Lookonchain shared on X (Twitter) that a mining pool – F2Pool has been depositing Bitcoin to Binance. Lookonchain wrote:

“Why did the price of $BTC drop $1K (-2.3%) in the last 7 hours?

We noticed that #F2Pool deposited 1,000 $BTC($43.96M) to #Binance during this period.

And #F2Pool also deposited 1,000 $BTC($43.76M) to #Binance 2 days ago.”

Not just F2Pool but many miners have been distributing their Bitcoin as the price of the apex cryptocurrency started rallying. The screenshot below shows that the miner distribution has been the highest in the last two months since December 2022.

In December 2022, the mining firms were struggling due to a broader market collapse. Some even had to file for bankruptcy.