Crypto Liquidations Reached $138 Million: What Happened?

Crypto Liquidations Reached $138 Million: What Happened?

Recent data from Coinglass shows that the cryptocurrency market witnessed a staggering liquidation of $138.57 million in the last 24 hours, leaving market traders wondering the factors behind this major disruption.

Recent data from Coinglass shows that the cryptocurrency market witnessed a staggering liquidation of $138.57 million in the last 24 hours, leaving market traders wondering the factors behind this major disruption.

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Settlement summary

Cryptocurrency liquidations are the forced closing of leveraged positions on multiple cryptocurrency exchanges when the market moves against them. Simply put, when the value of a trader’s assets falls below a specific threshold, exchanges immediately sell those assets to pay for the losses, resulting in a liquidation event.

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According to data from Coinglass, the 24-hour volume revealed total liquidations of $138.57 million, of which $120.17 million were long positions and $18.40 million were short positions.

Bitcoin (BTC) and Ethereum (ETH) were the hardest hit by the wave of liquidations, with Bitcoin leading the way. Over the past day, Bitcoin recorded a total of $25.68 million in liquidations, with long traders losing $6.39 million and short traders facing losses of approximately $2.98 million. Ethereum recorded even larger losses, experiencing a total liquidation amount of $37.06.

Bitcoin is currently trading at $40,722.72, down 2.43%, while Ethereum has seen a 4.07% drop to $2,372.45 in the same time period. Surprisingly, even MANTA Network’s recently launched MANTA tokens faced a slight sell-off to $1.95, highlighting the widespread impact of the market slowdown.

Root causes and market analysis.

The recent market turbulence has been linked to increased volatility, influenced by several factors. Analysts point to the SEC’s approval of multiple spot Bitcoin exchange-traded funds (ETFs) as a possible catalyst. In the 12 days following the approvals, Bitcoin lost more than 7% of its value, falling from over $48,000 to around $43,000.

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Glassnode Chain Analysis suggests that the price decline may have been driven by a combination of derivatives leverage and spot profit taking. However, multiple measures in both the on-chain and derivatives space indicate that a sizable proportion of Bitcoin investors saw the ETF’s approval as an opportunity to sell the news.

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