The crypto markets also registered the liquidations of around $477.09 million in a 24-hour period. According to data at Phoenix Group, 144,626 of its traders were impacted in this period. Binance topped liquidation charts with $156.76 million, followed by Bybit with $100.76 million and OKX with $64.77 million.
Binance had the highest rate of long position liquidation, 75.24%, but Bybit had a more diverse performance, with 84.25% long position liquidations. Hyperliquid and HTX also continued to be rather active, with a very high liquidation long bias, 78.13% in the case of HTX. CoinEx, despite the lowest reported total, $4.25 million, has a percentage of liquidations that involved long positions, at $92.66 million.
The Best Assets that are Analytically Affected by Liquidation Events
Ethereum ($ETH) saw the largest amount of liquidated assets, at $141.16 million, with more than 395,000 ETH being sold. Bitcoin ($BTC) was next, with $56.66 million worth of liquidations, or about 476.23 BTC. Dogecoin ($DOGE) was third, with a liquidated value of $33.10 million.
The other significant assets were XRP and Solana, about which $29.22 million and $16.83 million worth of liquidations occurred, respectively. ADA, SUI, and SHIBA were also affected, showing how the market correction was widespread in nature.
Market Implications and Largest Single Order
The largest single liquidation order occurred on Binance, involving the ADA/USDT trading pair and worth a total of $6.61 million. This implies a large leveraged exposure, possibly causing cascading margin calls on several platforms.
The data reflects that long positions are very high in practically all exchanges, indicating that market participants were very optimistic about a short-term price trend. The magnitude of the liquidations and the extent to which they occurred highlight the volatility that has typified the cryptocurrency industry.
