Biggest liquidations on crypto exchanges in September 2022


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In a bear market, losses are inevitable. However, the current crypto winter, according to experts, looks like the most difficult in the history of digital currencies. The situation is complicated by the growing popularity of DeFi projects. Trades with leverage in a volatile market promise large profits, but are also fraught with large losses.

In 2022, exchanges forcibly closed positions worth billions of dollars. Traders who used leverage suffered the most. After the price of Bitcoin dropped below $20,000, liquidations became more frequent.

During the fall of cryptocurrency rates, the fees for transactions in networks also decreased. For example, in May, at a BTC price of $42.24 thousand, the transaction fee was $11.34. In September, at a rate of $18.99 thousand, the fees fell to $1.02.

Over the past day (September 22), exchanges liquidated deals worth $340.75 million. A total of 91.04 thousand traders were affected. Most opened long positions ($206.37 million). However, quite a few participants lost money on shorts ($134.37). The largest one-time liquidation was recorded on OKX. The order for the BTC/USDT pair cost the trader $3.13 million.

The most unprofitable were transactions with Ethereum ($153.21 million), Bitcoin ($104.89 million), Ripple ($12.19 million). Among the major losses were also transactions with Ethereum Classic, Solana, EOS.

More than 68% of service users made bets on the growth of the market. The forecasts turned out to be wrong due to the high daily volatility (about 8% for BTC). OKX traders lost $97.15 million long and $45.70 million short.

In second place in terms of losses is the Binance exchange. Over the past day, platform customers lost $87.58 million (25.7% of total losses). More than half of the orders were opened in long positions (48.57 million). There is $39.01 million left in the shorts.

The third most liquidated platform was the FTX platform. The damage to traders amounted to $45.49 million (13.35% of total losses). Of these, 23.41 million (51.46%) were in long positions, 22.08 million were in long positions.

The list of exchanges with the largest losses from liquidations in September 2022 also includes:

Bybit – $30.38 million (8.92% of total losses).
Huobi – $15.68 million (4.6% loss)

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