BTC and ETH have once again dominated the top liquidations list in the cryptocurrency market. According to Phoenix Group, over 68,000 traders have been liquidated in the past 24 hours, with BTC and ETH being the most impacted assets. BTC had the highest value in liquidation, totaling around $55.33 million or 794.66 BTC, followed closely by ETH with $30.82 million or 12.31K ETH. The significant increase in liquidations can be attributed to the high leverage and volatility in the crypto markets.
In terms of exchange liquidations, Binance led the pack with a total liquidated volume of $87.91 million. It was followed by OKX at $59.48 million, Bybit at $38.08 million, and HTX at $10.01 million. Binance’s high level of liquidation is expected since it is one of the largest exchanges for crypto trading and is commonly used by leveraged traders who may face auto-liquidation.
While BTC and ETH were hit the hardest, other major cryptocurrencies also suffered significant liquidations. Solana (SOL) liquidated $12.43 million, while Dogecoin (DOGE) liquidated $10.54 million. SUI and Rare were also affected with liquidation amounts of $6.8M and $4.2M, respectively. These liquidations show that the recent global fluctuations extend beyond just the leading market participants.
The largest single liquidation order occurred on OKX, where a BTC/USDT pair was liquidated at $55.02 million. This highlights the risks of leveraging large positions, especially during volatile market conditions. However, the data indicates a relatively equal distribution between short and long exchange positions. The widespread and substantial liquidations across significant exchanges and assets emphasize the speculative nature of the crypto markets.
Despite experiencing a decline in recovery compared to other coins, BTC and ETH continue to bear the brunt of these liquidations. Binance remains the market leader in liquidations among exchanges. These events serve as a reminder to exercise caution when trading high-leverage cryptocurrencies and other similar assets.