Over $665 million worth of bitcoin was liquidated in the last day as a result of strong selling pressure and Mt Gox’s ongoing payout fluctuations. At the time of publication, BitcoinBTC -7.64% has decreased 7.4% in the previous day to $54,422, as per The Block’s bitcoin price website. The decline in price occurred when a now-defunct cryptocurrency exchange transferred over $2.7 billion in bitcoin in anticipation of its early-this-month settlement to creditors.

According to data from Coinglass, 230,541 traders were liquidated in the last 24 hours, totaling $665.8 million across centralised exchange activities. With almost $222.1 million liquidated in the last day, Bitcoin was the most popular cryptocurrency throughout the liquidations. Approximately $181.8 million of these bitcoin liquidations were long positions. According to the data, ether also saw large liquidations, with $163.4 million liquidated, of which $143.3 million were long positions. Ether’s price dropped 10.57% to $2,890 over the course of the previous day.

Crypto liquidations happen when a trader’s holdings in the cryptocurrency market are compelled to liquidate because they have suffered large losses or don’t have enough margin to cover maintenance costs. Blockchain tracker Arkham reports that on Thursday night, Mt Gox shifted 47,228.7 BTC ($2.71 billion) to a wallet address, which subsequently returned 2,702 BTC and moved 44,527 BTC to another address. A few hours later, according to Arkham data, another Mt. Gox-related account sent 1,545 BTC ($85 million) to a hot wallet on Bitbank.

Presto Research’s chief of research, Peter Chung, stated that as BCH lacks the same strong investor base as BTC, “the [Mt Gox] creditors will probably seek to cash out immediately just like any other airdrop,” there may be more selling pressure on BCH than BTC.

The chief marketing officer of VALR, a cryptocurrency exchange sponsored by Pantera, Ben Caselin, told The Block that “Volatility and periods of selling do not change Bitcoin’s core thesis.” “Hopefully, for the next few weeks, prices will remain in the lower 50,000s or even a little lower.

However, the market structure has not fundamentally changed, and short-term speculators are really the only ones who should be concerned about the present price swings.