It’s been a while since we have seen such a significant correction in the crypto markets. The bloodbath that happened yesterday affected the bulls quite drastically. In the past 24 hours, Over $1 billion longs were liquidated, reports Coinglass. This is huge, and the liquidations continue to increase as time passes. Coinglass also reports that around 286k traders were liquidated, while the largest one was worth $6.3 million on Bitmex – XBTUSD.
Top 3 coin wise liquidations
Bitcoin and Ethereum are obviously the top 2 coins whose longs were liquidated in the crash. However, the third position is held by Luna, which generally holds its grounds in a bear market. In the last correction, we didn’t see any significant crash in Luna, but this time the UST depegging messed things up for the coin.
For Bitcoin, the total liquidation in the last 24 hours stands at $353.19 million with 10.93k Bitcoin. For Ethereum, $322.97 million with 133.60k coins were liquidated. At the same time, $91.29 million in Luna longs were liquidated, which was roughly 2.69 million tokens.
SOLANA, APE, XRP, NEAR, and DOT are some other coins that were in the top 10 list of the 24 hours liquidations.
Exchange wise liquidations
In terms of exchanges, the top 3 ones that saw the most liquidations in the past 24 hours are Okex, Binance, and FTX. Okex recorded $311.93 million in the liquidation, of which $256.62 million were longs and $55.32 million were shorts. Binance saw $264.40 million in liquidation with $178.46 million in longs and $85.94 million in shorts. And lastly, FTX recorded $177.17 million liquidations with $101.44 million in longs and $75.73 million in shorts.
Other exchanges that were in the top 10 list are Bitmex, Huobi, Bybit, Bitfinex, and more. The exchange that saw the highest percentage of long liquidations was Bitmex, with 94.74%. In contrast, the lowest percentage of longs that were liquidated in exchange was Bybit with 55.99%.
About Coinglass
Coinglass is a cryptocurrency futures trading and information portal where you can find Bitcoin Liquidations, Bitcoin open interest, Grayscale Bitcoin Trust, Bitcoin longs vs. shorts ratio, and actively compare financing rates for cryptocurrency futures. It provides interesting insights that can help investors understand the market sentiment and direction.
Were you one of the $1 billion longs were liquidated that were liquidated in the last 24 hours? Or do you prefer spot investment and forgetting about your investments? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: UST loses dollar peg while Luna foundation tries desperately to defend it.