Bitcoin long liquidations have spiked since yesterday as the price of the largest cryptocurrency dropped below the $63,000 mark.

There were over $47.9 million in Bitcoin long liquidations across centralized exchanges in the past 24 hours — out of a total of $49 million in liquidated BTC positions, according to data from Coinglass. The broader cryptocurrency market saw over $161 million in liquidations, with around $153 million in long positions.

Ether, the second-largest cryptocurrency, also faced significant liquidations, with over $29.1 million liquidated — of which $28.5 million were long positions.

Liquidations happen when a trader’s position is automatically closed due to insufficient funds to sustain it, typically caused by market fluctuations that erode their initial margin or …