Futures tracking major tokens outside of bitcoin and ether saw tens of millions in losses, led by XRP at $39 million in an unusually high move.
The data shows that some 89% of all traders affected on OKX were long traders, or those that bet on higher prices.in the past 24 hours as bitcoin briefly nosedived from a Thursday record high above $103,000 to nearly $92,000 early Friday on profit-taking.
Liquidations occur when an exchange forcefully closes a trader's leveraged position due to a partial or total loss of the trader's initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position, that is, they don't have enough funds to keep the trade open.
Outside of BTC and ETH, futures tracking Dogecoin and XRP logged a cumulative $50 million in losses — as prices reversed from a multiweek rally in both tokens that sent open interest on their futures to record highs last month.
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