Bitcoin long liquidations surged above $145 million in the past 24 hours as the price plummeted to a multi-month low. Analysts pointed to a downturn in demand from U.S.-based investors as a major cause of the recent price correction.

There was a total of $166 million in liquidated bitcoin positions in the past 24 hours. The wider cryptocurrency market was hit by over $463 million liquidations in the same period. Of these combined crypto liquidations, the vast majority — around $398 million — were long positions, according to Coinglass data.

Bitcoin is holding precariously above the $57,000 mark, having fallen by almost 8% in the past 24 hours, and was trading at $57,161 at 5:22 a.m. ET, according to The Block’s Price Page. The price of ether has dropped by 6.2% to $2,870 in the …