Asia Market Opening Sees Bitcoin Correction, Triggers $400M Liquidations

By: Eva Baxter

Over $400 million was lost by almost 120,000 crypto traders in a span of 24 hours after digital asset prices crashed during the opening of Asia trading hours on Dec. 11. The majority of these liquidations, around $356 million, were due to long positions, marking the most significant single-day loss driven by long speculation in the past four months. Short traders also experienced losses reaching up to $54.79 million.

In the losses, Bitcoin traders were hit the hardest, accounting for roughly $104 million in total liquidations. Long positions in BTC made up the majority of this figure at $90.9 million, while short positions accounted for $12.12 million. Ethereum investors also took substantial hits with $74.62 million liquidated in long positions and $6.52 million from short ones.

Other notable cryptocurrencies such as Solana, XRP, Dogecoin, Avalanche, Cardano, and Litecoin saw losses for traders holding long positions during this period. Among the exchanges, OKX and Binance recorded the most significant losses, with liquidations exceeding $171 million and $128 million, respectively.

Simultaneously, Bitcoin, the principal cryptocurrency by market capitalization, fell around 5% before stabilizing around $42,155. This drop sparked price declines in other major cryptocurrencies like Ethereum, Solana, XRP, Binance-backed BNB, and Cardano, sustaining severe losses in recent weeks.