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The analyst team at the Glassnode data aggregator has tweeted that traders on Binance made two major liquidations worth almost half-a-million USD just as Bitcoin was tanking below $18,000.
$425 million in Bitcoin futures liquidated
Overnight, Bitcoin has demonstrated a sudden major correction as it plunged over ten percent and lost more than 2,000 USD.
The flagship cryptocurrency tanked from the $19,300 zone below $17,000, trading in the $16,900 area at press time.
Glassnode node analytics firm has reported that two major long $BTC futures liquidations took place at that time with a difference in several hours.
Hourly liquidations of long positions on Bitcoin futures were recorded: worth $262 million at 3:00 a.m. UTC and $163 million at 8:00 a.m. UTC.
Bitcoin futures OI hits new $ATH on Binance
On Nov. 24, Binance shared data with its community about another milestone reached by the exchange.
The open interest on Bitcoin futures surged to a new all-time high of $1.17 billion. Back then, Bitcoin had reversed, going slightly below the $19,000 level.
Still a rise in $BTC futures OI signifies that financial institutions are keeping their positive expectations about Bitcoin. The same can be said about the recent $ATH on Bitcoin futures OI on CME, which exceeded the $1 billion level.
Bitcoin tanks from its highest point since 2017
Earlier today, the world's most popular cryptocurrency, now acknowledged as a store of value and an inflation hedge by many top-of-the-line financial institutions made a sudden reverse and shed around 10 percent of its market value.
Bitcoin plunged from $19,389, rolling down first to $17,608 and then declining below the $17,000 support.
At press time, Bitcoin is changing hands at $16,781, as per CoinMarketCap.