Today’s substantial cryptoasset market decline has caused liquidations on both centralized derivatives platforms as well as decentralized finance (DeFi) protocols. BitMEX, a popular derivatives exchange saw $702 million worth of Bitcoin liquidations following the rapid price decline of the cryptoasset, representing the largest day of liquidations as measured in dollars in 16 months according to analytics provider Skew. The recent bearish price action that occurred in tandem with other asset classes further challenges the emerging thesis from some analysts that Bitcoin has started to behave as a risk-off asset. At the same time DeFi protocols, Compound and MakerDAO also saw major liquidations. Compound recorded its highest level of liquidations since the protocol went live, with $4.19 million of Ether and approximately $120,000 of USDC liquidated over the past 24 hours.