As traders reacted to speculations about FTX’s liquidity issues, total crypto market capitalization fell to $900 billion from over $1 trillion on Wednesday morning. Over $700 million in long positions, or bets on higher prices, were liquidated in the last 24 hours as traders were caught off guard. Futures contracts tracking bitcoin and ether lost a total of $390 million due to liquidations, while SOL futures lost $40 million. FTT futures had a relatively lower $27 million in liquidations, implying that the steep drop was primarily driven by spot token sales.
