The cryptocurrency market has seen a significant amount of liquidations totaling over $210 million, with long positions accounting for 85% of the losses in the recent market downturn.

According to data from Coinglass, a crypto analytics resource, a total of 92,298 traders have been affected by the recent turbulence, resulting in liquidations worth $210.26 million in both long and short positions. Long positions make up the majority of these liquidations at $178.2 million, while short positions have seen liquidations amounting to $32.05 million.

Following Bitcoin’s drop of 4% in the last 24 hours, sentiment in the market has shifted from bullish to bearish, with long positions now comprising 84.7% of the liquidated trades. This shift has led to a sea of red in the market.

The recent market instability can be attributed to Bitcoin’s retreat from its recent high of $67,183 on April 23, leading to a 3.2% correction by the end of the trading session yesterday. This bearish momentum has caused Bitcoin to fall below the $64,000 mark, contributing to a 3.87% decrease in the global cryptocurrency market capitalization, which now stands at $2.47 trillion.

As the premier cryptocurrency, Bitcoin has experienced the largest liquidated positions among all crypto assets, totaling $44.6 million within a 24-hour period.

Despite the increase in liquidations, the derivatives market has seen a surge in volume, with trade volume increasing by 30% in the last 24 hours to reach $159 billion. This increase is mainly due to a rise in short positions, with the long/short ratio currently at 0.7832.

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