Traders utilising leverage faced significant losses exceeding $165 million as Bitcoin's price (CRYPTO:BTC) experienced a sudden 5% drop.

This downturn happened early on March 2 UTC, with Bitcoin's value plummeting from $69,450 to $65,970 within less than 30 minutes, based on TradingView's observations.

Data highlighted by Coinglass revealed the extent of the impact, showing that the sharp decrease in Bitcoin’s price led to the liquidation of over $165 million in leveraged positions.

Among these, Bitcoin and Ethereum (CRYPTO:ETH) longs suffered the most, contributing over $50 million and $40 million respectively to the total losses incurred.