In the past 24 hours, approximately $315 million (about 46 billion won) worth of leverage positions were liquidated in the cryptocurrency market.
According to the currently compiled data, a unique pattern emerged where short positions accounted for a larger proportion of the liquidated positions.
Binance experienced the most position liquidations over the past 4 hours, with a total of $11.92 million liquidated (28.86% of the total). Notably, short positions accounted for $7.68 million, representing 64.44%, which is significantly higher than long positions.
Bybit also saw $11.86 million (28.7%) of positions liquidated, with short positions accounting for $7.44 million (62.75%).
OKX experienced approximately $7.16 million (17.34%) in liquidations, with short positions again representing a higher proportion at 65.8%.
HTX and gate.io also saw liquidations of $5.28 million (12.77%) and $4.75 million (11.49%) respectively, with both exchanges showing short position liquidation rates around 60%.
By cryptocurrency, Ethereum (ETH) recorded the most liquidations. Approximately $127.22 million in Ethereum positions were liquidated in 24 hours, with the price rising 4.84% to $2,513. Over 4 hours, $7.26 million in long positions and $12.53 million in short positions were liquidated.
Bitcoin (BTC) saw about $124.07 million in positions liquidated over 24 hours, with the current price up 1.15% at $105,327. Over 4 hours, $1.85 million in long positions and $6.67 million in short positions were liquidated.
Solana (SOL) had approximately $15.60 million liquidated in 24 hours, with the current price down 0.98% at $165.73.
Doge (DOGE) saw about $8.59 million in positions liquidated, with the current price up 0.16% at $0.22427.
Notably, the TRUMP Token saw about $1.62 million in positions liquidated despite a slight price drop (-0.09%). Meme coins 1000PEI and FARTCO also experienced significant liquidations of $4.98 million and $2.41 million respectively.
The most unique aspect of this liquidation data is that most exchanges showed higher short position liquidation rates compared to long positions. This is interpreted as investors who bet on a price decline being massively liquidated as the market recently shifted to an upward trend. Particularly, major cryptocurrencies like Ethereum rebounding significantly in a short time seem to have caused substantial losses for short position investors.
In the cryptocurrency market, 'liquidation' refers to the forced closure of a leverage position when a trader fails to meet margin requirements. This large-scale liquidation can be seen as an indicator suggesting the recent cryptocurrency market's rebound is gaining strength.
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