The cryptocurrency market faced significant liquidations in the last 24 hours, totaling around $614.8 million. The data reveal the closure of both long and short positions.
Market Leaders in Liquidations
The majority of liquidations occurred on the Bybit exchange, amounting to $219.91 million. Binance followed with $176.743 million and Gate.io with $86.04 million. A total of 147,457 traders had their positions closed during this period.
Ethereum Leads Liquidations
Ethereum was the leader in liquidations, totaling $233.45 million, equivalent to 66,678 ETH. Bitcoin also recorded significant amounts, with liquidations reaching $135.06 million from 1,188 BTC. Other notable assets with high liquidation activity included Solana, Dogecoin, and XRP.
Position Distribution and Market Condition
Analysis of liquidations indicates fluctuations between short and long positions. Bybit was associated with 92.29% of prolonged short positions, while Binance had 82.45%. This distribution suggests a bearish trend in recent market dynamics, leading to substantial losses for traders with long positions.
The recent liquidations in the cryptocurrency market highlight the high volatility and risks associated with leveraged trading. The current situation raises concerns among traders and market participants.
