Bitcoin suffered a flash crash ahead of its weekly candlestick close, with a price wick dipping to $73,510. Long position liquidations hit $715 million within an hour, and the ETH/BTC exchange rate also plunged 4.22% in tandem.

According to HTX market data, Bitcoin experienced a flash crash and pin action this morning as it neared the close of its daily and weekly K-line charts. It dropped 2.77% within 15 minutes, hitting a low of $73,510 before gradually rebounding back to the level where the crash originated. As of press time, Bitcoin is trading at $75,418. Per Coinglass data, $745 million in liquidations occurred for Bitcoin over the past hour, nearly all of which were long positions ($715 million), with only $29.62 million in short positions liquidated. The largest liquidations were seen in Bitcoin and Ethereum, at $343 million and $229 million respectively. Notably, Ethereum performed far weaker during the flash crash. It plummeted 7.3% within 15 minutes, hitting a low of $2,060, before later narrowing its decline to just 2.42% at its peak rebound. As of press time, Ethereum is trading at $2,151, still down 3.22% from its pre-crash level. Data shows the ETH/BTC exchange rate fell 4.22% during the flash crash, now trading at 0.0285, hitting a new low since September’s peak.