The cryptocurrency ecosystem is witnessing a surge in liquidations as the market undergoes a correction. According to data from Coinglass, the total value of crypto liquidations has soared to $160.71 million within the last 24 hours. The majority of these liquidations, approximately $127.53 million, are attributed to long positions, signifying a significant market shift.

Data reports indicate that short positions, on the other hand, have only accounted for $33.18 million of the liquidated diverse cryptocurrencies. Coinglass highlights a 2.95% decrease in global crypto open interest over the same period, currently standing at $69.3 billion.

Leading the liquidation rankings is Binance, the largest crypto exchange by trading volume, with liquidations totaling around $75.79 million in the previous day. Following Binance are OKX, Bybit, and Huobi, with liquidation amounts of $53.91 million, $14.23 million, and $11.32 million, respectively.

Additionally, Ethereum (ETH) liquidations have outpaced Bitcoin (BTC) liquidations, reaching $27.81 million compared to BTC's $20.36 million. A report by crypto.news on May 23 highlighted the surge in the ETH to BTC trader exposure ratio following the approval of spot Ethereum ETFs in the U.S. This approval led to significant accumulation of ETH tokens by permanent holders before the launch of these investment products.

NOTcoin (NOT) claimed the third position in liquidations, totaling $6.2 million in the past day. However, the liquidated short NOT positions amount to $3.77 million, while long positions worth approximately $2.43 million have been liquidated, owing to a 29% price surge of the asset.

The spike in liquidations coincides with a 2% decline in the global crypto market capitalization over the last 24 hours, dropping from $2.7 trillion to $2.66 trillion. CoinGecko's data illustrates an 8% decrease in total daily trading volume, now at $86 billion.

Given the reduced trading volume and open interest, a trend towards lower price volatility is likely for major cryptocurrencies.