Approximately $254 million in crypto futures positions liquidated in the last 24 hours

According to CoinGlass, approximately $254 million worth of cryptocurrency futures positions were liquidated on major crypto futures exchanges as of 0:10 on the 23rd. Long positions accounted for the majority of the liquidation, with approximately $218 million liquidated, while short positions accounted for $35.39 million. The largest single position liquidation in the last 24 hours occurred on Bybit BTCUSD, where a $5 million position was liquidated in one fell swoop.

At the same time, Bitcoin closed at $39.6K, a level that many crypto analysts had predicted would close the CME gap.