Crypto liquidations top $600M as Ethereum leads market losses
Amid a sharp drop in BTC and ETH, total liquidations have surpassed $600 million. According to Coinglass, 205,775 traders were liquidated over a 24-hour period, amounting to $608 million—$490 million of which were long positions. Ethereum led all assets in liquidations, surpassing Bitcoin.
The top three assets by liquidation value were:
- Ethereum: $121 million
- Bitcoin: $54 million
- XRP: $54 million
Traders caught off guard by market reversal
Crypto Market Liquidations in 24 Hours. Source: Coinglass
As reported by Blocknews, $300 million worth of liquidations occurred in just four hours, primarily impacting overly optimistic long positions. The sudden downturn surprised traders, as sentiment had recently shifted into the "Extreme Greed" zone, leaving highly leveraged long trades exposed.
The largest single liquidation took place on Binance: an ETH/USDT trade worth $3.97 million.
According to CoinMarketCap, BTC dropped about 1% over 24 hours at the time of writing, while ETH fell by over 3%. Leading altcoins like XRP, HBAR, and DOGE declined by around 9%.
Despite the sharp correction, both BTC and ETH have maintained their key trendlines, and analysts expect a short-term consolidation before the rally resumes.
As we wrote, Bitcoin price prediction: BTC stays boxed in 11-day range as whales quietly retreat
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