Bitcoin (BTC) crashing to $27,700 and rebounding seconds later was a daze 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 meg on Binance lonely in a single hour — the most in history.

One exchange, 60 minutes, $190 one thousand thousand

The figures underscore the current face of Bitcoin as it circles new all-fourth dimension highs and together with Ether (ETH) becomes the hottest ticket of 2021.

Longs had seen almost unbridled success throughout much of Dec 2020 and into the new year, with upside seeing piffling in the way of resistance.

Despite warnings from diverse analysts that the balderdash run could non last uninterrupted forever, enough of traders took on substantial adventure, betting heavily on new highs continuing. In the event, $34,800 marked a definitive top, with BTC/USD later on shedding $7,000 in 24 hours, including $4,000 in under 60 minutes on Mon.

Bitcoin futures long liquidations (Binance) annotated chart. Source: Glassnode

The event for those who were overleveraged was plain to encounter.

"$190,000,000 (in long positions) were liquidated on #Binance inside 10 minutes. Largest value to appointment," Glassnode commented alongside a chart showing Binance liquidations.

Take chances vs. reward

As Cointelegraph reported, terminal calendar week, it was short positions that came in for mass liquidation equally Bitcoin tore through $thirty,000 for the commencement time. That episode lost short traders a combined $100 million beyond exchanges.

"Get used to 5k dips as we go to $100k. Comes with the territory," Samson Mow, chief strategy officer of Bitcoin applied science firm Blockstream, summarized on Twitter equally the volatility continued.

Derivatives trading attached to Bitcoin and Ether, meanwhile, shows no sign of fading in popularity. CME Grouping, i of the pioneers in Bitcoin futures, is set to launch Ether futures in the outset quarter of this year.