Cryptocurrency liquidations have surged significantly as the global crypto market cap dipped below the $2.5 trillion mark.

According to recent data, total crypto liquidations have increased by 92.5% in the past 24 hours, reaching $292.22 million. This market-wide downturn has led to almost 89% of the total amount, worth $259.7 million, coming from long positions.

The remaining $32.5 million has been liquidated from short-position holders.

Ethereum has the largest allocation, worth $101.6 million in liquidations — $97.5 million in longs and $4.1 million in shorts. Bitcoin follows with $83.3 million in liquidations over the past day — $71.5 million in long positions and $11.7 million in shorts.

Data shows that the largest liquidation occurred on Binance, the largest crypto exchange by trading volume, worth $11.78 million in the BTC/USDT trading pair.

The increased amount of liquidations comes as the global cryptocurrency market capitalization declined by 3.6% over the past 24 hours, falling from $2.5 trillion to $2.42 trillion. Interestingly, the total crypto market cap briefly touched a local high of $2.55 trillion at 15:00 UTC on July 24.

Bitcoin reached an intraday high of $67,110 on Wednesday, July 24, before dropping close to $64,100. Ethereum has been among the top losers in the past 24 hours with an 8.1% price drop. ETH is trading at $3,160 at the time of writing.

Ethereum’s decline followed a net outflow of $133.3 million from spot ETH ETFs in the U.S. on their second trading day, July 24.

Following the increased liquidations, the total open interest in the cryptocurrency market decreased by 4% and is currently around $63.6 billion. At this point, lower market-wide volatility would be expected with a reduced amount of incoming liquidations.

For more updates on cryptocurrency news, visit Global Crypto News.

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