Bitcoin (BTC) crashed to $ 27,700 and recovered seconds later was a shock to 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 to Binance alone in one hour – the highest amount in history.

An exchange, 60 minutes, $ 190 million

The numbers underscore Bitcoin’s current face as it hits new all-time highs and along with Ether (ETH) is becoming the hottest ticket of 2021.

Longs had enjoyed almost unbridled success for much of December and the New Year, with little resistance.

Despite warnings from several analysts that the bull run could not go on forever, many traders took substantial risks and bet heavily on new highs. In the event, $ 34,800 was a definitive high, with BTC / USD then losing $ 7,000 in 24 hours, including $ 4,000 in less than 60 minutes on Monday.

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

The result for those overused was plain to see.

“$ 190,000,000 (in long positions) was liquidated on #Binance in 10 minutes. Largest value yet,” noted Glassnode next to a chart of Binance liquidations.

Risk versus reward

Such as Cointelegraph reported, last week it was short positions that came in for mass liquidation when Bitcoin first tore $ 30,000. Short traders lost a total of $ 100 million in exchanges that episode.

“Get used to 5k dips when we get to $ 100k. Comes with the territory,” Samson Mow, CSO of Bitcoin technology company Blockstream, summarized on Twitter as volatility persisted.