Bitcoin longs are facing significant pressure as the cryptocurrency experiences a downturn. In the last hour alone, approximately $93.69 million in crypto positions were liquidated, with 95% of those being long positions, according to CoinGlass.
Of the total liquidations, BTC was responsible for $72.34 million, while ETH followed with only $7.77 million. Over the past 24 hours, the total liquidation amount has reached $402 million across 135,585 traders, with long positions accounting for $275 million and shorts for $127 million.
This forced selling corresponds with bitcoin's decline from intraday highs exceeding $74,000, which were noted earlier on Monday, down to around $72,250 by the end of the Asian session, reflecting a 2.1% decrease for the day, as reported by CoinDesk.
The decline intensified during European trading hours and continued into the U.S. session following Strategy's (MSTR) 8-K filing. This document revealed the company’s first publicly announced bitcoin sale, which involved 32 coins sold for $2.5 million at an average price of $77,135, with the proceeds designated for preferred stock distributions.
Prior to Monday's events, bitcoin was already showing signs of weakness. U.S. spot bitcoin ETFs faced a historic outflow, marking a 10-session streak that saw $2.97 billion withdrawn between May 15 and May 29, as per SoSoValue. Additionally, a rise in Brent crude prices above $93 per barrel, attributed to stalled ceasefire discussions between the U.S. and Iran, diminished overall market risk appetite.