In the last 24 hours, the cryptocurrency market has faced a significant increase in liquidations, particularly within Bitcoin, which suffered the heaviest losses.
Bitcoin Liquidations and Market Overview
Within just one hour, Bitcoin (BTC) experienced a brutal liquidation event totaling $32.31 million. Out of this amount, $31.03 million came from long positions, revealing a dramatic imbalance in liquidations. The total amount liquidated across the market in the past 24 hours was $483.01 million.
Liquidation Statistics for Other Cryptocurrencies
Following Bitcoin, Ethereum (ETH) recorded the next highest liquidations with $19.36 million. Other altcoins, including XRP, Solana (SOL), and Dogecoin (DOGE), saw liquidations of $3.35 million, $2.71 million, and $1.73 million, respectively.
Causes and Consequences of Liquidation Events
Despite the magnitude of liquidations, Bitcoin's price remained relatively stable, briefly surging past $104,800. A considerable portion of liquidations occurred within one hour, highlighting a 10-to-1 ratio of long to short liquidations, indicating forced position closures rather than panic asset dumping within the market.
The liquidations witnessed in the cryptocurrency market reflect a reset in market leverage conditions rather than a breakdown in market structure.
