The cryptocurrency market is stabilizing after a significant decline on Tuesday, Oct. 22. Consequently, liquidations are showing signs of a cooldown.

Market Overview

According to data from CoinGecko, the global crypto market capitalization experienced a $57 billion loss, falling to $2.44 trillion after reaching a three-month high of $2.498 trillion the previous day. The market cap faced another 2.5% decline over the past 24 hours, erasing an additional $7 billion.

Liquidations Cool Down

As the Tuesday selloff subsides, total crypto liquidations have dropped by 40% over the last day, reaching $121 million, according to data from Coinglass. Due to the market downturn, 75% of these liquidations, worth $91 million, belong to long positions.

Crypto liquidations – Oct. 23 | Source: Coinglass

Bitcoin Leads in Liquidations

Bitcoin is leading with $18.5 million in liquidations—$11 million in long positions and $7.5 million in short positions—as the price fell below the $67,000 mark. BTC is trading at $66,800 at the time of writing, marking a one-week low.

Ethereum’s Long-Short Ratio

Ethereum saw a relatively high long-short ratio, with $11.2 million of its total $14.5 million liquidations belonging to long trading positions. ETH remains above the $2,600 psychological zone despite the bearish sentiment surrounding it.

Largest Single Liquidation Order

The largest single liquidation order, worth almost $690,000 in the Solana/USDT pair, occurred on Binance, the largest crypto exchange by trading volume.

ETF Movements Amid Market Uncertainty

According to a recent report, spot BTC exchange-traded funds in the U.S. recorded their first day of outflows as market sentiment turned bearish. These investment products saw a net outflow of $79.1 million, led by Ark and 21Share’s ARKB fund, which had an outflow of $134.7 million. Conversely, ETH ETFs witnessed a net inflow of $11.9 million amid the market uncertainty.

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