In the past 24 hours, approximately $82.67 million (about 120.7 billion won) worth of leverage positions were liquidated in the cryptocurrency market.
According to the currently compiled data, interestingly, short positions dominated the liquidations, accounting for over 67% of total liquidations. This is analyzed as a blow to short position investors due to the recent rebound in the cryptocurrency market.
Over the past 4 hours, Binance had the most position liquidations, with a total of $6.46 million (45.29% of the total) liquidated. Notably, short positions accounted for $3.74 million, or 57.94%, which is more than long positions.
The second-highest liquidations occurred on Bybit, with $3.52 million (24.63%) of positions liquidated, of which short positions were overwhelmingly high at $2.51 million (71.26%).
OKX saw approximately $2.23 million (15.64%) in liquidations, with short positions also at a high ratio of 72.44%.
Notably, on BitMEX, the short position liquidation rate reached an astounding 99.99%, suggesting that the market rebound dealt a significant blow to short position traders on this exchange.
By coin, Bitcoin (BTC) continued to record high liquidation amounts. Approximately $21.19 million in Bitcoin positions were liquidated in 24 hours, with short position liquidations (14.89 million) being more than twice the long position liquidations ($6.30 million).
Ethereum (ETH) recorded the highest liquidation amount at approximately $44.77 million in 24 hours. Notably, short position liquidations were $36.16 million, over 4 times the long position liquidations ($8.61 million).
Solana (SOL) saw about $4.81 million liquidated in 24 hours, followed by XRP ($3.46 million) and Doge (approximately $1.62 million) among other major altcoins.
Particularly noteworthy is the FARTCO Token, which saw approximately $2.05 million in liquidations despite a 3.95% price drop, with most being long positions ($1.74 million).
Meme tokens like 1000PEI and 1000BOI also experienced significant liquidations of $2.07 million and $1.68 million respectively, reflecting the high volatility of these speculative tokens.
In the cryptocurrency market, 'liquidation' refers to the forced closure of a leverage position when a trader fails to meet margin requirements. The recent liquidations focused on short positions suggest that investors who bet on a decline were impacted by the cryptocurrency market's unexpected upward trend.
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