Crypto derivatives nearly $286 million wiped, longs lose $186 million
Business
Over the past day, the crypto derivatives market saw nearly $286 million wiped out, even though Bitcoin and Ether barely budged (Bitcoin held at roughly $63,900 and Ether dipped to $1,900).
Both coins moved around 2% or less, but traders on both sides (longs and shorts) got caught, with longs accounting for $186 million and shorts $100 million in liquidations.
Federal Reserve sparks $188 million liquidations
The Federal Reserve's latest rate decision sparked $188 million in liquidations within just 12 hours, hitting long positions hardest.
Including $43 million from equity perpetuals tied to SanDisk, Micron, SK Hynix and a semiconductor ETF.
AI chip futures traders felt the sting too: SK Hynix dropped 17% after missing profit expectations, leading to this sector's biggest selloff all year.