The volatile cryptocurrency market witnessed significant liquidations in the past 24 hours, totaling approximately $477.09 million. Data from Phoenix Group indicates that 144,626 traders experienced the impact of these market shifts during this period. The Binance exchange saw the largest liquidation volume at $156.76 million, followed by Bybit with $100.76 million and OKX with $64.77 million.
While Binance registered the highest percentage of liquidated long positions at 75.24%, Bybit displayed a more pronounced long bias with 84.25% of liquidations attributed to long positions. Hyperliquid and HTX also showed substantial activity and a strong tendency towards long liquidation, with HTX reporting 78.13%. CoinEx, despite having the lowest overall liquidation value reported at $4.25 million, showed a notably high percentage of liquidations involving long positions, reaching $92.66%.
Top Cryptocurrency Assets Affected by Recent Liquidations
Ethereum (ETH) bore the brunt of liquidations, with a total value of $141.16 million liquidated, equating to over 395,000 ETH being sold off. Bitcoin (BTC) followed, experiencing $56.66 million in liquidations, representing approximately 476.23 BTC. Dogecoin (DOGE) ranked third, with $33.10 million in liquidated value.
Other notable assets impacted include XRP and Solana, with approximately $29.22 million and $16.83 million in liquidations respectively. Cardano (ADA), Sui (SUI), and Shiba Inu (SHIB) were also affected, highlighting the broad impact of the recent market correction.
Market Effects and the Largest Individual Liquidation
The single largest liquidation order was executed on Binance, involving the ADA/USDT trading pair with a value of $6.61 million. This substantial liquidation suggests significant leveraged positions within the market, potentially triggering cascading margin calls across various platforms.
Overall, the data indicates an overwhelming prevalence of long positions across exchanges, reflecting a generally optimistic market sentiment regarding short-term price movements. The magnitude and widespread occurrence of these liquidations underscore the inherent volatility characteristic of the cryptocurrency market.