Huge amounts of Bitcoin futures have been liquidated on Binance, as Bitcoin witnessed a 20 percent correction, according to the latest data.
Recent analytics data shared by Glassnode indicate that on Monday, January 11, the long-focused Bitcoin positions of $ 410 million, which were prominent in futures contracts, were liquidated on the Binance exchange.
— glassnode (@glassnode) January 12, 2021
Glassnode points out that this amount is the largest daily value to date.
As a reminder, Bitcoin started correcting on January 10, and this correction continued the next day. Bitcoin, which lost more than 20 percent in value, fell from $ 41,000 to $ 31,153.
However, the flagship crypto has so far returned to $ 35,800, according to data from CoinMarketCap.
Earlier this year, on January 4, $ 190 million Bitcoin in futures contracts was liquidated in just 10 minutes, causing Bitcoin to bounce back from $ 34,000 to $ 30,000.