According to data from cryptocurrency exchange Bitfinex, more than $1.1 billion worth of bitcoin was liquidated on March 13 as the price of the digital asset dropped below $4,000.
The liquidations occurred across a number of exchanges, with the majority taking place on BitMEX. Other exchanges that saw significant liquidations included Binance, Huobi, and OKEx.
The largest single liquidation order was for $30 million, which was executed on BitMEX.
The price of bitcoin has been volatile in recent weeks, falling below $4,000 on March 13 before rebounding above $5,000 just a few days later.
Despite the volatility, the overall trend seems to be positive, with the price of bitcoin up more than 60% since the start of the year.
Investors remain bullish on the long-term prospects for bitcoin, with many believing that the digital asset will eventually reach prices of $50,000 or more.