Bitcoin Plunge Below $64K Triggers $440M in Losses for Futures Traders

Bitcoin's drop below $64,000 led to over $440 million in losses for futures traders, with significant liquidations on Binance and OKX exchanges.

Major cryptocurrencies like Ethereum, Solana, and Dogecoin also suffered losses, with expectations of bitcoin falling further to $55,000 amidst record-high outflows from Grayscale’s GBTC.

Long bets on bitcoin took on $100 million in losses alone, with ether (ETH), Solana’s SOL and dogecoin (DOGE) taking on a cumulative $120 million in long liquidations.

Crypto longs took on $440 million in losses according to data from Coinglass.

Bitcoin started to drop late U.S. hours on Monday amid record high outflows from Grayscale’s GBTC at over $640 million.