The cryptocurrency market witnessed approximately $609 million in contract liquidations over the past hour, with longs accounting for the majority. Bitcoin liquidations reached roughly $152 million, while Ethereum saw $78.8 million in forced closures. The spike underscores the risks of overheated leverage in a volatile environment.
Aster DEX Launches Automatic Buyback
Decentralized exchange Aster DEX has announced the activation of its $ASTER automatic buyback mechanism. The platform will allocate 20%-40% of its daily transaction fees to repurchase $ASTER tokens, with the first buyback already verifiable on-chain. This deflationary policy aims to boost token value and reward liquidity providers. $ASTER currently trades down 2.58%, though the buyback may provide a floor.
Precious Metals Surge to New Highs
Traditional safe-haven assets also rallied sharply. Silver hit a record $93.69 per ounce, marking a daily gain of over 4%, while gold climbed to an all-time high of $4,690 per ounce. The simultaneous strength in gold and silver highlights capital rotation between crypto and traditional assets.
Market Outlook
Despite the massive liquidations, major cryptocurrencies showed resilience. Bitcoin rose 1.29% in the past 24 hours, and Ethereum gained 1.18%. While liquidation events often precede short-term reversals, fragile market sentiment could trigger further downside. The effectiveness of Aster DEX's buyback in stabilizing $ASTER will depend on sustained fee income and execution transparency.