In the cryptocurrency market over the past 24 hours, approximately $260.84 million (about 381.4 billion won) worth of leveraged positions were liquidated.
According to the currently compiled data, long positions accounted for $223.83 million, representing 85.8% of the total liquidated positions, while short positions were $37.01 million, accounting for 14.2%.
Bybit had the most position liquidations over the past 4 hours, with a total of $10.95 million (36.21% of the total) liquidated. Among these, long positions were $9.26 million, accounting for 84.61%.
Binance was the second-highest exchange with liquidations, with $9.07 million (30.02%) of positions liquidated, of which long positions were $6.45 million (71.09%).
OKX experienced approximately $4.20 million (13.91%) in liquidations, with a relatively lower long position ratio of 56.66% compared to other exchanges.
Notably, among smaller exchanges, Hyperliquid showed a very high long position liquidation rate of 94.02%, while Coinex recorded the highest long position liquidation rate at 95.64%.
By cryptocurrency, Ethereum (ETH) had the most liquidations. Approximately $174.80 million in Ethereum positions were liquidated over 24 hours, with $10.43 million in long positions and $1.62 million in short positions liquidated over 4 hours. Ethereum saw about a 5% price drop over 24 hours.
Bitcoin (BTC) had about $52.49 million in positions liquidated over 24 hours, with $1.39 million in long positions liquidated over 4 hours. Bitcoin experienced approximately a 1.24% price drop over 24 hours.
Solana (SOL) had about $27.06 million liquidated over 24 hours and recorded a 4.15% price drop. Among other major altcoins, ADA ($10.66 million), Doge ($10.63 million), and XRP ($10.33 million) had the most liquidations.
Particularly, the FARTCO Token experienced about $3.90 million in liquidations over 24 hours with a significant 9.41% price drop, and Aave also saw substantial liquidations with a 6.10% price decline.
In the cryptocurrency market, 'liquidation' refers to the forced closure of a leveraged position when a trader fails to meet margin requirements. This large-scale liquidation is primarily analyzed as being caused by Ethereum's significant price drop and can be seen as an indicator of increased volatility in the overall cryptocurrency market.
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