In the last two days, $860 million worth of longs have been liquidated as bitcoin has fallen from $47,000 to $40,000.

This is substantially lower than the liquidation volumes during the September 7th crash of $1.2 billion and far lower than the levels seen during sell-offs this spring.

In the last two days, $860 million worth of longs have been liquidated as bitcoin has fallen from $47,000 to $40,000.

This is substantially lower than the liquidation volumes during the September 7th crash of $1.2 billion and far lower than the levels seen during sell-offs this spring.

This indicates that the current sell-off is a more organic spot-driven sell-off than previous crashes. This is also evident by less severe intraday swings. However, liquidations saw a sharp uptick as bitcoin plummeted from $43,000 to $40,000 this night.