Bitcoin was just about to hit $60,000 on Monday (again) when investors liquidated $500m worth of the currency within 60 minutes.
It was an historic occurrence within the BTC ecosystem, and the second-largest liquidation push to date.
According to Glassnode, more than half of all open futures contracts were leveraged by at least 20 times, prior to the margin calls.
Another data set published by Bybt suggests that as much as $800m worth of liquidation occurred in just 15 minutes.
Bitcoin's current price as of time of the reporting is $55,210.50. More data companies have piled in to analyze the pace of liquidation. Datamish said that in the past 24 hours some 292 positions had been liquidated for $94.5m total.
The first huge liquidation surge came earlier this year, on February 22, when data revealed that $5.9bn worth of futures were liquidated. This coincided with the currency's slip from $58,300 to $47,000.
The bulls are still pushing for Bitcoin's value and unlike previous cycles where Bitcoin soared up and came crashing violently down, this time the currency is holding up and not giving up, swinging back into value after every retreat so far.