Crypto Market Wipes Out $1.16B in the Past 24 Hours As Long Positions Dominate Liquidations

The cryptocurrency market witnessed substantial liquidations in the past 24 hours. New data released today by crypto analyst Phoenix Group shows that 249,154 traders were liquidated over the period, with long traders incurring massive losses, indicating optimistic positioning in the market.

Bitcoin leads in crypto liquidation

The data further identified that Bitcoin experienced the biggest liquidations by a significant margin, with 4.2k BTC worth $446.38 million liquidated in the past 24 hours. Ethereum came second in the list, with 120.24k ETH, equivalent to $303.49 million, liquidated during the duration.

Other major liquidations are also noted in Solana, Dogecoin, and XRP. Solana has undergone liquidations totaling $52.35 million. Dogecoin experienced a liquidation event amounting to $26.12 million. XRP faced $23.06 million in liquidations.

Other assets that encountered significant selloffs include SUI at $13.43 million, Dogwifhat at $7.95 million, Aave at $5.74 million, Cardano at $7.53 million, PEPE at $6.33 million, Avalanche at $5.74 million, and Chainlink at $5.65 million. The data shows significant market volatility, contributing to substantial selloff events across a wide variety of digital assets.

Major exchanges by liquidations

The data also identified cryptocurrency exchanges that witnessed massive liquidations in the past 24 hours. Especially, exchanges noted significant selloffs mainly from long positions.

Binance topped the list as it recorded the largest liquidations today. It suffered $458.09 million in liquidations over the past 24 hours, with a massive 91.28% coming from long positions and 8.72% from short positions. Bybit took the second position with $374.83 million in liquidations, with 93.85% originating from the long rate and 6.15% from the short rate. Third on the list is OKX, which registered $128.26 million in liquidations, out of which 81.22% came from long rates and 18.32% from short rates.

Moving down, Gate encountered $127.98 million in selloffs, with 86.22% from long positions and 13.78% from short positions. HTX occupied the fifth place, with $51.91 million in selloffs, with an 83.65% long rate and a 16.35% short rate.  Other exchanges that encountered major selloffs include Coinex, Bitmex, and Bitfinex. Coinex was in the sixth place on the list as it recorded $12.13 million in liquidations, with 90.92% from long positions and 9.08% from short positions.

BitMEX followed with $4.01 million in liquidations, with a 91.33 long rate and an 8.67% short rate. Lastly, BitFINEX experienced the lowest liquidations totaling $1.67 million, although long positions constituted a large amount, at 99.94%, while short positions made up 0.06%. In general, the data shows that a substantial market downturn caught many long traders by surprise.