Futures-Long Liquidations The bitcoin price sharply fell 5.3% today as leveraged futures-long liquidations hit $39.3 million in just one hour with over $80 million in total on the day so far. Liquidations on BitMEX accounted for over 50% of the action. BitMEX notoriously is a bitcoin-only derivative exchange, which results in leveraged-long positions carrying a convexity during drawdowns as the position and collateral value decline in tandem (more on this later). While some longs that were late to the party after the all-time high break were liquidated, no large-scale liquidations occurred with the recent pullback to $63,000, but there are a few things to watch for.