The crypto market has seen a massive $183 million in liquidations in the last 24 hours. Of course, this is due to the sudden price swings in major assets like Bitcoin and Ethereum that caught leveraged traders completely off guard.
Most of these liquidations were short positions, which tells us that yesterday’s sharp rebound forced bearish traders to close out their high-leverage bets in a hurry. Of the total liquidation, Ethereum took the biggest hit. It racked up around $64 million in liquidations, while Bitcoin saw over $30 million wiped out.
According to Coinglass, up to 66,673 traders got liquidated in just one day. The single largest liquidation happened on Binance, where someone’s ETHUSDT position worth $12.33 million got blown up.
This wave of liquidations seems to have been triggered by traders rushing to sell as the market showed a modest recovery. With sentiment still shaky, anyone trading with high leverage should tread carefully.
Right now, Bitcoin (BTC) is trading around $108,200, and Ethereum (ETH) is near $2,530, after peaking earlier today at $109,000 and $2,589.
The market’s next move will largely depend on whether traders re-enter with new leveraged positions or wait for more stable conditions. In any way, we should know that volatility could persist in the coming days, especially if more uncertainties, such as potential trade tariffs come into play.
Also Read: Trump-Backed USD1 Trading Pairs Now Live on Tron’s Sun.io
