Bitcoin's new record high above $72,700 and collapse below $69,500 on March 12 led to the liquidation of more than $361 million in leveraged trades.
According to Coinglass, $258 million of long positions and $103 million of short positions were liquidated in the last 24 hours.
On Tuesday, the price of BTC fluctuated between $72,733 and $69,365, according to CoinGecko data. The fluctuation was 4.85%.
"Traders are getting increasingly worried about a possible price correction as Bitcoin failed to grow in the US session when ETFs start trading," analysts at 10x Research said.
Meanwhile, BTC and ETH trades accounted for the largest number of liquidations in the past 24 hours – $106.3 million and $73.3 million, respectively, Cointelegraph reported.
The OKX and Binance exchanges had the shortest and longest liquidations of $152 million and $128.4 million, respectively.
At the same time, analysts expect further growth in cryptocurrencies.
"There is too much bullish momentum in cryptocurrency," said Nansen's Aurelie Barter.
"We don't expect a significant sell-off in cryptocurrencies, as this repricing has taken place over the past few months without questioning the bull market," he added.
Barter believes that with the looming supply shortage associated with the halving, combined with the massive influx of new demand from ETFs, Bitcoin and price risks remain heavily skewed to the upside.
At the time of writing, Bitcoin is trading at $72,645, up 0.77% over the past 24 hours.
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