The cryptocurrency marketplace saw significant liquidations affected traders on multiple exchanges over the past 24 hours. According to recent data from Phoenix, Bitfinex achieved the highest trading liquidations worth $144.68 million, while Bybit reached $130.18 million, and Binance liquidated $94.77 million. The cryptocurrency market experienced significant exchange-dependent liquidations during the past 24 hours, where OKX reached $66.95 million, Gate.io liquidated $30.45 million, and HTX recorded $22.33 million.
Cryptocurrency exchange displayed different percentages of short-term and long-term liquidations. The percentage of short to long liquidations at Bitfinex was nearly equivalent while Binance and Bybit registered long liquidations of 75.39% and 71.54% respectively. Despite lower total liquidations of $3.65 million and $1.99 million, CoinEx and BitMEX exhibited a high proportion of market participants going long reaching 95.19%.
Most Liquidated Assets and Market Impact
The leading cryptocurrency, Bitcoin ($BTC) led the liquidation activity with $296.12 million in transactions which equated to 3.43K BTC. Ethereum ($ETH) was the second most strongly liquidated asset with $54.98 million worth that adjusted to 25.39K ETH tokens. Ripple (XRP) earned third position as the market witnessed $19.74 million in liquidations that resulted in exchanging 8.47 million tokens during the period.
Among other digital assets, Solana ($SOL) had the most liquidations worth $17.34 million while Cardano ($ADA) lost $12.87 million and Dogecoin ($DOGE) resulted in $6.47 million in liquidations. The emerging tokens $ENA and $AUC suffered substantial liquidations which reached $3.45 million and $2.45 million respectively. The liquidation amounts from Trump’s Meme Coin reached $2.71 million which was similar to KAITO’s $2.31 million liquidation total.
Largest Single Liquidation Order and Market Volatility
The largest liquidation order worth $17.15 million occurred during the last 24 hours through Bitfinex for a BTC/UST trading pair. Market volatility creates substantial losses which force large institutions to face massive capital depletions through liquidation processes.
The market turbulence caused 135,560 traders to experience liquidation throughout this period. Risk management continues to be essential for traders to navigate the volatile cryptocurrency market.
