In the last week, the cryptocurrency market experienced significant liquidations, predominantly affecting long positions. According to data from CoinGlass, over $1.25 billion in total was liquidated across various crypto exchanges, highlighting the market’s volatility.
Binance Leads with $607M Crypto Liquidations
First, Binance was the most liquidated exchange with a total of $607 million. Of which $428 million was from long positions and $179 million from the shorts. This suggests that most of the traders were in a wrong signal when it came to trading in the market.
After that, OKX posted liquidations amounting to $408 million. Of this total, $256 million were long positions while the rest of $152 million stemmed from shorts. The high number of liquidations increases the volatility in the current market conditions as indicated.
HTX came next at $101.4 million in total liquidation. Longs accounted for $72.4 million, while shorts accounted for $29 million. This pattern is in line with a general trend that traders are struggling to find their ways through the volatile market. At the same time, Bybit also had significant liquidations of $90.5 million. In this case, the value of long positions was $ 63.3 million, while for shorts the value was $ 27.2 million.
Small Exchanges Join the Liquidation Wave with Traders on a Rollercoaster
Other small exchanges were also active. Coinex completed $33.6 million of liquidations, $20.8 million of which belongs to longs and $12.8 million belongs to shorts. Bitmex had total liquidations of $ 6.9 million of which long positions constituted $5.1 million. Finally, longs placed $2.5 million in Bitfinex’s account while the short put $200,000.
Finally, as per CoinGlass, these exchanges have had massive liquidations, showing that traders had a rollercoaster ride, especially those with long positions. As the market changes traders have to be awake and redefine their approaches to the situation.
