Overleveraged traders feel the pain once again as volatility wipes out huge amounts of value in minutes.
Bitcoin (BTC) crashing to $27,700 and rebounding seconds later was a shock for some and financial ruin for others, data shows.
According to on-chain analytics resource Glassnode, futures traders with long positions lost a total of $190 million on Binance alone in a single hour — the most in history.
One exchange, 60 minutes, $190 million
The figures underscore the current face of Bitcoin as it circles new all-time highs and together with Ether (ETH) becomes the hottest ticket of 2021.
Longs had seen almost unbridled success throughout much of December 2020 and into the new year, with upside seeing little in the way of resistance.
Despite warnings from various analysts that the bull run could not last uninterrupted forever, plenty of traders took on substantial risk, betting heavily on new highs continuing.