The crypto market faced massive liquidations with losses amounting to $237 million in just 24 hours. The majority of losses were incurred by long positions of traders.
Losses from Long Positions
Of the total liquidations, $161.43 million came from long positions, while short positions contributed $75.85 million. Data shows that bullish traders had to bear heavier losses during the downturn. Ethereum (ETH) was the most impacted, losing $82.92 million, followed by Bitcoin (BTC) with $32.31 million and Solana (SOL) at $24.42 million.
Major Liquidations on Binance
Binance recorded the highest share of liquidations at $81.99 million. Bybit followed with $70.54 million, while OKX reported $30.3 million. The single largest liquidation occurred on Binance, where a $2.6 million Bitcoin position was wiped out.
Bitcoin Trading at Support Level
Bitcoin continues to trade near a key support level, currently priced at $111,174. The cryptocurrency has slipped 1.42% in the past day and 1.45% over the week. Charts indicate $107,521 as a key level separating bullish support from a possible bearish trend.
The crypto market remains under pressure, but a potential buy signal may indicate market shifts. The $237 million in liquidations highlights the volatility of the current situation.
