Cryptocurrency traders faced substantial losses of over $100 million in liquidations during Monday’s market turmoil, driven by a sharp decline in digital asset prices amid escalating tensions in the Middle East.

Data from CoinGlass revealed that approximately $105 million worth of long positions (traders betting on price increases) were liquidated in the U.S. afternoon, marking the highest daily total of long liquidations since September 11.

These liquidations occurred as cryptocurrency prices experienced a significant drop due to the ongoing conflict between Israel and Hamas, causing unease among investors and negatively impacting risk assets.

Bitcoin (BTC), the most prominent digital asset, dropped more than 2% before recovering to $27,600.

Ether (ETH) briefly slid by nearly 5%, while other major cryptocurrencies such as Solana (SOL), Polygon’s native token (MATIC), and Polkadot (DOT) endured declines ranging from 6% to 7%, although they later rebounded.

Liquidations occur when an exchange forcibly closes a leveraged trading position due to the trader’s inability to meet margin requirements or insufficient funds to maintain the position.

Among the affected traders, ETH derivatives traders suffered the most significant losses, with $32.78 million in longs liquidated over the past 24 hours, according to CoinGlass.

The largest individual liquidation order was a $4.5 million ETH-BUSD long position on the crypto exchange Binance.

BTC long positions worth $18.25 million were also liquidated, followed by Bitcoin Cash (BCH) and Bancor’s (BNT) token, each witnessing over $3 million in liquidations.