Crypto Leveraged Positions Liquidated $110M to $450M Per Day...60% Long
More than $450 billion in leveraged crypto positions have been liquidated over the past 24 hours. According to CoinGlass data on Wednesday, 112,245 people liquidated approximately $342.15 million ($45.57 billion) in positions in the cryptocurrency market over the past 24 hours.
Long positions accounted for $272.9 million (60%) of the liquidations, while short positions were forced to close $134.86 million.Bitcoin positions accounted for the largest share of liquidations, with $118.1 million (29%) being closed. Of this, $62.94 million (61%) were long positions. Ethereum positions were the second most liquidated with $74.69 million. Longs accounted for $39.73 million or 53%. This was followed by other crypto positions ($39.46 million), Solana ($22.36 million) and Dogecoin ($7.96 million). The largest single liquidation was an ETH-USDT-SWAP position worth approximately $7.11 million ($9.47 billion) on the OKX exchange.
The exchanges with the most position liquidation in the last 24 hours were OKX ($126.98 million, 37.08%), Binance ($125.73 million, 36.71%) and Bybit ($56.98 million, 16.64%). Long positions ranged from 52.84% to 75.39%. In the derivatives market, a "liquidation" is the forced closure of a position that does not cover depleted margin when the market moves against the position, resulting in a loss.
Bitcoin is trading around $68.5k, up from the previous day, according to CoinMarketCap. It has rebounded after falling as low as $64,880 over the weekend. Ethereum is up 2.54% at $3.6K. It is rebounding after falling as low as $3430 over the weekend.
