Liquidation Overview
Data from Coinglass, as reported by ChainCatcher, reveals that the cryptocurrency market witnessed severe liquidations over the past 24 hours, totaling $1.512 billion. Long positions bore the brunt, with longs liquidated worth $1.239 billion, representing roughly 82% of the total, while shorts accounted for $273 million. The skewed ratio underscores how the sharp price decline overwhelmed leveraged long traders.
Bitcoin and Ethereum Breakdown
Bitcoin saw total liquidations of $470 million, with long positions accounting for $370 million and shorts $100 million. Ethereum followed with approximately $418 million in liquidations; longs contributed $364 million, and shorts $54.31 million. In both assets, long liquidations far exceeded shorts, reflecting a rapid unwinding of leveraged bullish bets as prices tumbled.
Trader Impact and Notable Orders
A total of 306,755 traders were liquidated in the last 24 hours, marking a period of high volatility. The largest single liquidation order occurred on Binance’s BTCUSDT pair, valued at $13.3164 million, highlighting the extreme risk associated with high-leverage positions. This wave of forced closures serves as a stark reminder for traders to exercise caution with leverage.