In the past 24 hours, approximately $536 million (about 783 billion won) worth of leverage positions were liquidated in the cryptocurrency market.
According to the currently aggregated data, short positions overwhelmingly dominated the liquidated positions. On Binance, out of a total of $18.72 million, $15.13 million (80.84%) were short positions, and on Bybit, $10.42 million (64.6%) were short position liquidations out of $16.13 million.
Binance experienced the most position liquidations in the past 4 hours, with a total of $18.72 million (35.08%) liquidated. Among these, short positions accounted for $15.13 million, or 80.84%.
Bybit was the second exchange with the most liquidations, with $16.13 million (30.23%) of positions liquidated, of which short positions comprised $10.42 million (64.6%).
OKX saw approximately $10.08 million (18.9%) in liquidations, with a short position ratio of 80.51%.
Particularly on Gate.io and HTX, the short position liquidation ratio was even higher, exceeding 86%.
By coin, Ethereum (ETH) and Bitcoin (BTC) related positions were liquidated the most. Approximately $72.71 million in Ethereum positions were liquidated in 24 hours, while Bitcoin saw about $70.61 million in liquidations.
Bitcoin (BTC) is currently trading at $106,817, up 1.30% in the past 24 hours. In 4 hours, $15.70 million in short positions and $3.62 million in long positions were liquidated.
Ethereum (ETH) is trading at $2,523, slightly down (-0.05%), and in 4 hours, $7.86 million in short positions and $5.08 million in long positions were liquidated.
The TRUMP token saw a sharp rise of 12.41%, with $1.39 million in short positions liquidated in 4 hours, suggesting a significant short squeeze. In 24 hours, approximately $2.97 million was liquidated.
In the meme coin sector, the '1000PEI' token showed notable liquidations, with $1.62 million in short positions liquidated in 4 hours, and a total of $5.12 million liquidated in 24 hours.
Solana (SOL) saw about $9.73 million liquidated in 24 hours, while Doge saw approximately $8.60 million in liquidations.
Notably, Aave experienced $5.31 million in liquidations over 24 hours alongside a 4.30% price increase, mostly appearing to be short position liquidations.
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 short position liquidation can be seen as an indicator of the recent strengthening trend in the cryptocurrency market.
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