As anticipated, the start of September has led to a significant increase in liquidations in the cryptocurrency market.

According to data from Coinglass, the total amount of crypto liquidations surged by 176% in the past 24 hours, reaching $155 million. Bitcoin accounted for the majority of these liquidations, with $45.6 million — $36.7 million in longs and $8.9 million in shorts. Ethereum also saw substantial liquidations, totaling $39.7 million — $32.2 million in longs and $7.5 million in shorts.

The rise in liquidations coincides with a 2.7% drop in global cryptocurrency market capitalization over the last day, which currently stands at $2.1 trillion, according to CoinGecko data. Bitcoin slipped by 1.5% in the past 24 hours, trading at $57,500 at the time of writing. Ethereum recorded a 2% drop and is currently priced at $2,440.

Data from Coinglass shows that the largest single liquidation order, worth $10 million in the BTC/USDT pair, occurred on Binance.

Binance, the leading cryptocurrency exchange by trading volume, saw a total of $74.5 million in liquidations, followed by OKX with $49.9 million.

Bears have typically dominated September, with Bitcoin experiencing negative momentum in eight of the last 11 years. On average, BTC has declined by 4.53% in September over the past 11 years, per Coinglass data.

In the third quarter of the past two years, Bitcoin has also shown bearish momentum. According to Coinglass, BTC declined by 2.5% in Q3 2022 and 11.5% in Q3 2023.

It’s crucial to stay informed about macroeconomic events that could influence market direction.

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