Crypto Market Sees $714 Million in Liquidations, Led by Bitcoin and Ethereum
Liquidations in the digital asset ecosystem reached $714 million, affecting 223,671 traders. Bitcoin and Ethereum led the 24-hour liquidations, with long positions facing significant losses.
Broader Crypto Market Cap Dip to $3.33 Trillion
- Bitcoin's price dropped to around $105,000, causing a market cap decline from $3.45 trillion to $3.33 trillion.
- A total of $150 billion exited the crypto market within 24 hours, marking a 3% decrease.
- Bitcoin liquidations totaled $222.87 million, with long traders losing $209.63 million and short traders losing $13.22 million.
- Despite a 2.46% price decline to $105,589.18, Bitcoin's trading volume increased by 19.30% to $62.43 billion, indicating ongoing trader confidence.
- Other affected altcoins include Ethereum ($109.28 million in losses), XRP, SUI, ADA, and SOL.
- Ethereum's long traders lost $89.84 million and short traders $19.64 million.
- Notable drawdowns were observed in meme coins: DOGE ($22.28 million), SOL ($33.04 million), and XRP ($29.83 million).
- The expirations of $11.6 billion in Bitcoin and Ethereum monthly options on Deribit likely triggered these liquidations.