The cryptocurrency market witnessed heavy liquidations in the last 24 hours amid increased volatility that pushed through heavy selling pressure on Bitcoin, Ethereum, Solana, and some altcoins. The sharp correction strongly affected bulls, as long trades made up around 75% of liquidations.
According to CoinGlass, in the past 24 hours, 91,568 traders were liquidated, and the total liquidations come in at $243.15 million.
The broader crypto market became volatile, with liquidations led by Bitcoin (BTC) and Ethereum (ETH).
The total liquidations recorded by Bitcoin are around $58.96 million in the last 24 hours, whereas the liquidations for Ethereum were almost on par with the former, at $57.65 million. Futures trading on Solana (SOL) was also substantial, with liquidation of around $10.60 million.
Other tokens included SAGA with $8.69 million in liquidated positions, XRP with around $6.84 million, and privacy-focused Zcash (ZEC) with nearly $4.96 million in liquidated positions.
Long positions accounted for around $182.35 million of the total $243.15 million of liquidations recorded over the 24 hours, with short positions totaling around $60.80 million.
This is equivalent to around three-fourths of all the positions that were liquidated being traders who were looking for further gains in Bitcoin and altcoin prices.
Over the last 12 hours, liquidations have totalled over $53.31 million, with long traders accounting for more than $14.33 million. Nearly $18.72 million was also liquidated in the 4-hour window.
Market commentators observe that such liquidation cascades typically occur when excessive leverage builds up, market sentiment is positive, and open interest grows.
Binance reported the largest liquidation volumes at the exchange level, where around $106.18 million in liquidations recorded. Binance was responsible for almost 44% of the total liquidations.
Bybit came next with slightly over $34.10 million in liquidations, followed by Hyperliquid, which saw over $32.50 million in liquidations. Gate.io liquidated almost $21.40 million, while OKX liquidated around $20.74 million.
Traders remained aggressively bullish before the market's turnaround, as Hyperliquid had over 83% long liquidations and Gate had over 83.4% long-side losses.
Also Read: Bitcoin Bull-Bear Indicator Turns Green as Early Bull Signal Returns
The biggest single liquidation order came from Binance's ETHUSDT trading pair, worth around $2.71 million, according to CoinGlass.
Such liquidation orders tend to increase volatility as they add further downward pressure on perpetual futures markets.