The cryptocurrency ecosystem is experiencing increased liquidations as the market undergoes a correction. According to recent data, total crypto liquidations have reached $160.71 million in the past 24 hours. The majority of these liquidations are long positions, amounting to approximately $127.53 million, as the market shifts direction.

Long and Short Positions in Focus

Data indicates that only $33.18 million worth of various cryptocurrencies have been liquidated from short positions. Additionally, global crypto open interest decreased by 2.95% in the past 24 hours, currently standing at $69.3 billion.

Top Exchanges by Liquidations

Binance, the largest crypto exchange by trading volume, leads the list with approximately $75.79 million in liquidations over the past day. Following Binance are OKX with $53.91 million, Bybit with $14.23 million, and Huobi with $11.32 million in liquidations.

Ethereum and Bitcoin Liquidations

Ethereum (ETH) liquidations have reached $27.81 million, surpassing Bitcoin’s (BTC) $20.36 million. Notably, the ETH to BTC trader exposure ratio has increased due to the approval of spot Ethereum ETFs in the U.S. Permanent ETH holders accumulated over 100,000 ETH tokens on May 20, prior to the approval of these investment products.

Other Notable Liquidations

Notcoin (NOT) secured the third spot with $6.2 million in liquidations over the past 24 hours. Short NOT positions purged amounted to $3.77 million, while approximately $2.43 million worth of long positions were liquidated, driven by a 29% price rally of the asset.

Market Capitalization and Trading Volume

The increased liquidations come as the global crypto market capitalization declined by 2% in the past 24 hours, dropping from $2.7 trillion to $2.66 trillion. Total daily trading volume also saw an 8% decrease, currently hovering at $86 billion. Given the declining trading volume and open interest, lower price volatility would be expected, at least for major cryptocurrencies.

Stay updated with the latest news on cryptocurrencies, investing, and finance on Global Crypto News.

Post Views: 9