CoinGlass crypto liquidation heatmap shows that Bitcoin and Ethereum suffered the most from the $714 million losses recorded.
The broader digital asset ecosystem has recorded massive liquidations, totaling $714 million, with 223,671 traders liquidated.
According to insights gathered from CoinGlass, Bitcoin BTC $120 272 24h volatility: 1.6% Market cap: $2.39 T Vol. 24h: $50.63 B and Ethereum ETH $3 608 24h volatility: 7.6% Market cap: $435.44 B Vol. 24h: $59.70 B spearhead the 24-hour liquidations, with several million dollars lost from long traders.
Broader Crypto Market Cap Dip to $3.33 Trillion
Bitcoin recorded a price slip to around $105,000 in the early hours of Friday. This price movement triggered a crash in the ecosystem, fueling a market capitalization drop from $3.45 trillion to $3.33 trillion.
The clearing of $150 billion from the crypto market in just under 24 hours represented approximately a 3% dip.
The total 24-hour liquidation from BTC amounted to $222.87 million. Long traders’ losses were pegged at $209.63 million and short traders’ losses at only $13.22 million. This outlook suggests that investors were bullish on Bitcoin’s potential to hit another all-time high.
Though liquidations grew, the BTC trading volume does not suggest that these traders are backing down. Despite the price falling by 2.46% to $105,589.18, its trading volume is up 19.30% to $62.43 billion. This suggests continued traders’ confidence and commitment to the coin’s long-term potential.
Several altcoins, including ETH, XRP XRP $3.59 24h volatility: 17.9% Market cap: $212.65 B Vol. 24h: $19.17 B , SUI SUI $4.02 24h volatility: 2.1% Market cap: $13.83 B Vol. 24h: $2.22 B , ADA ADA $0.85 24h volatility: 12.9% Market cap: $30.79 B Vol. 24h: $2.65 B , and SOL SOL $179.8 24h volatility: 4.9% Market cap: $96.73 B Vol. 24h: $17.50 B , were not exempted from the liquidations.
Based on the CoinGlass liquidation heatmap, the losses from Ethereum are approximately $109.28 million, with long traders bearing most of it. The liquidation amount tied to long traders was capped at $89.84 million, while that of short traders came in at $19.64 million.
Top meme coins like Shiba Inu SHIB $0.000015 24h volatility: 3.5% Market cap: $8.85 B Vol. 24h: $486.22 M and Dogecoin DOGE $0.23 24h volatility: 8.6% Market cap: $34.68 B Vol. 24h: $12.86 B also experienced a notable drawdown. DOGE liquidation was approximately $22.28 million, SOL lost $33.04 million, and XRP shed $29.83 million.
The massive liquidations are believed to have been triggered by the expiration of $11.6 billion in Bitcoin and Ethereum monthly options on Deribit.
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