- Bitcoin’s Mean Liquidated Volume (MLV) for Long positions hit a 19-month peak.
- Over 33,400 traders have liquidated their positions, losing over $55 million.
- Majority of losses are from traders speculating Bitcoin’s value will increase.
Glassnode, a respected source of on-chain and financial data, has announced that the Mean Liquidated Volume (MLV) for Bitcoin’s Futures Contracts Long Positions has hit an impressive 19-month peak.
The data analysis company recently announced an update through an automated alert on the X platform, as per their latest tweet. The update revealed that the Bitcoin MLV for Long positions reached $730,576 on the OKX cryptocurrency trading platform.
The disclosed data indicates a considerable increase in the quantity of Bitcoin traders experiencing substantial losses lately. Specifically, it suggests that individuals who speculated a rise in Bitcoin’s value had to liquidate their positions at a deficit.
Significantly, the liquidation of over $730k exceeds the prior 19-month peak. As of September 8, 2022, the Bitcoin MLV was valued at $607,216. Concurrently, Coinglass, a leading derivative market tracking platform, offers additional insight into the scenario of traders incurring losses through Long and Short positions.
Coinglass data reveals that 33,400 traders have liquidated their positions, resulting in losses. The total funds lost amount to more than $55 million. The largest individual liquidation order was seen on Binance in the Bitcoin
Furthermore, the statistics indicate that the vast majority of traders who suffer losses are those who speculate that the value of Bitcoin will increase. On the Binance platform, 89.96% of these traders have depleted their funds. Similarly, on the OKX platform, 86.64% of traders with Bitcoin Long positions have been liquidated.
Bybit, Huobi, CoinEX, and Bifinex are among other exchanges that have also experienced substantial losses through Bitcoin Longing. Bitcoin is trading at approximately $25,860, reflecting a negligible decrease of 0.05% in the last 24 hours.
