Cryptocurrency Market Sees Huge Liquidations with Over $287 Million Lost in Just 24 Hours | Coin Media

The cryptocurrency market has been experiencing a surge in liquidations over the past 24 hours, resulting in a total liquidation value of $287.65 million. This significant increase in liquidations is reflective of the heightened market volatility that has been impacting both long and short positions on major cryptocurrency exchanges.

Bitcoin ($BTC) has seen the largest liquidation value, with around $80 million liquidated, amounting to 1.18K BTC. Following closely is Ethereum ($ETH) with $66.52 million in liquidations, equivalent to 25.39K ETH.

Exchange Liquidations Surge

The spike in liquidations has been particularly pronounced across major exchanges. Binance, OKX, and Bybit were among the most affected, with Binance witnessing $132.55 million in liquidations. OKX followed with $120.37 million, and Bybit saw $21.68 million. Other exchanges such as HTX, CoinEx, and BitMEX also saw significant liquidation activity, contributing to the overall market shakeout.

PHOENIX reported that the largest single liquidation order was observed on OKX, with an ETH/USDT pair valued at $6.55 million, underscoring the impact of leveraged positions in highly volatile markets. Data from the Phoenix Group revealed that a substantial portion of the liquidations across multiple exchanges were from long positions. For instance, 64.81% of liquidated positions on Binance were long, while 60.37% were long positions on OKX.

This recent surge in liquidations highlights the high-risk nature of trading in volatile markets, especially for leveraged traders. With the crypto market experiencing significant price fluctuations, analysts are closely monitoring the price movements of Bitcoin and Ethereum, with many considering open interest (OI) as a crucial indicator of future volatility.