Options traders are grappling with significant losses as Bitcoin (BTC) suddenly dives below $57,000, triggering a widespread collapse in altcoins.

According to crypto data aggregator Coinglass, the past 24 hours have witnessed over $379 million in liquidations, with nearly 90% stemming from leveraged long positions.

Binance, the world’s largest cryptocurrency exchange by volume, saw the highest liquidations totaling $181.38 million, followed by OKX at $101.07 million, Huobi at $47.06 million, and Bybit at $37.72 million.

During this period, Coinglass reports Bitcoin liquidations amounting to $115.59 million, predominantly from long positions. Ethereum (ETH) also faced substantial liquidations, totaling $100.76 million.

Other notable digital assets experiencing significant liquidations include Solana (SOL) at $17.87 million, Dogecoin (DOGE) at $6.7 million, Toncoin (TON) at $5.37 million, Worldcoin (WLD) at $4.6 million, and BNB at $4.15 million.

Over the last 24 hours, Coinglass recorded 131,492 traders being liquidated. The largest single liquidation, valued at $18.48 million, occurred on Binance within the ETH/USDT pair.

Bitcoin’s price ranged from a high of $60,584 to a low of $56,836 during this period. At the time of writing, the leading crypto asset is trading at $57,369, reflecting a nearly 5% decline over the past day, while Ethereum trades at $3,121.

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