In the past 24 hours, cryptocurrency markets have faced significant volatility, leading to liquidations exceeding $758 million.
Liquidations in the Crypto Market
The majority of the liquidations were long positions, totaling more than $701 million. CoinGlass data indicates that the largest single liquidation was a $13.7 million ETH long on Binance, with a total of 184,433 traders liquidated.
Former Binance CEO's Reaction
Amid the ongoing sell-off, former Binance CEO Changpeng Zhao (CZ) posted on X, reminding the community of the long-term vision that has defined his approach to the crypto market. In a recent tweet, he noted, "This is why we never stop building." The official BNB Chain X handle responded to CZ's tweet, stating, "Price up—we build, price down—we build."
Analysis of Current Market Trends
Bitcoin is witnessing profit-taking after a record run. According to CryptoQuant, Bitcoin recently underwent its third significant profit-taking wave of the 2023-2025 bull cycle. After a drop to $114,058, Bitcoin has slightly recovered and is now trading around $115,260. Ethereum, following BTC's price action, is also showing signs of recovery.
The current state of the cryptocurrency market highlights the risks and volatility, but experts indicate the absence of signs of massive liquidations and a continued focus on projects regardless of market fluctuations.
