Cryptocurrency Market Sees Significant Liquidations Over 24 Hours
The cryptocurrency market has experienced substantial liquidations in the past 24 hours, impacting traders across multiple exchanges. According to data from Phoenix, Bitfinex led with $144.68 million in liquidations, followed by Bybit with $130.18 million, and Binance with $94.77 million. Other exchanges such as OKX, Gate.io, and HTX also saw notable liquidations, totaling $66.95 million, $30.45 million, and $22.33 million, respectively. These figures highlight the widespread impact of market volatility on traders.
Breakdown of Short-term and Long-term Liquidations
Exchanges exhibited varying ratios of short-term to long-term liquidations. Bitfinex saw nearly equal proportions of both, while Binance and Bybit recorded higher long liquidations at 75.39% and 71.54%. Conversely, CoinEx and BitMEX, despite lower total liquidations of $3.65 million and $1.99 million, had a high proportion of long positions, with 95.19%. This disparity underscores the diverse strategies and market positions among traders.
Bitcoin Leads Liquidation Activity
Bitcoin ($BTC) dominated the liquidation activity with $296.12 million, equivalent to 3.43K BTC. Ethereum ($ETH) followed with $54.98 million, representing 25.39K ETH tokens. Ripple ($XRP) came in third with $19.74 million, translating to 8.47 million tokens. Other assets like Solana ($SOL), Cardano ($ADA), and Dogecoin ($DOGE) saw liquidations of $17.34 million, $12.87 million, and $6.47 million, respectively.
Emerging Tokens and Meme Coins Also Affected
Emerging tokens $ENA and $AUC faced significant liquidations of $3.45 million and $2.45 million. Additionally, meme coins like Trump’s Meme Coin and KAITO experienced liquidations of $2.71 million and $2.31 million. These figures demonstrate how market volatility affects both established and niche assets.
Largest Single Liquidation Order
Bitfinex processed the largest single liquidation order worth $17.15 million for the BTC/UST trading pair. This substantial order underscores the potential for significant capital depletion due to market turbulence. The sheer size of this order highlights the risks large institutions face in the volatile cryptocurrency market.
Market Volatility and Risk Management
Over 135,560 traders were liquidated in the past 24 hours, emphasizing the importance of robust risk management strategies. As the cryptocurrency market remains highly unpredictable, traders must adopt careful approaches to mitigate potential losses and navigate the ever-changing landscape effectively.
