Deniz 
Beginning Asian business hours, Bitcoin sank over 3% in line with a larger stock market collapse and a declining attitude toward risky assets, including cryptocurrencies.
Within minutes of Tokyo’s opening, BTC dropped from about $65,500 to almost $64,000. The worst hit since early July, the abrupt collapse resulted in almost $250 million in bullish bets being sold off.
Liquidations result from a partial or complete loss of the trader’s initial margin, therefore forcefully closing their leveraged position. For traders, such information is useful since it signals the effective washing out of leverage from popular futures products, therefore providing a temporary indicator of a drop in price volatility.
Subtracting stablecoins, the broad-based CoinDesk 20 (CD20), a liquid index monitoring the largest tokens by capitalization, dropped 3.3%. Driven by a 7.5% drop in the token among outflows from the recently created ETH ETF, Ether longs lost the most at $100 million.
Among exchanges, Binance had the biggest liquidations—$118 million—of which 88% were long transactions. Popular among traders from Asia, OKX and Huobi recorded as many as 94% of long-term traders opening on their liquidated exchanges. The decline in U.S. technology companies on Wednesday resulted in the tech-heavy Nasdaq 100 index losing 660 points, its largest decline since 2022.
The so-termed “Magnificent 7” tech stocks lost more than $750 billion in market capital value on Wednesday, the largest on record for the group; mixed quarterly earnings from Google parent Alphabet and Tesla saw shares of the companies fall as low as 12%. Early Thursday, losses also extended to Asian markets as Japan’s Nikkei 225 plummeted more than 3% under worries about a Bank of Japan interest rate increase.
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