In the past 24 hours, approximately $482.22 million (about 705 billion won) worth of leveraged positions were liquidated in the cryptocurrency market.
According to the currently compiled data, short positions accounted for about $300 million, or approximately 62% of the total liquidations, while long positions were around $182.22 million, representing 38%.
Bybit saw the most position liquidations in the past 4 hours, with a total of $17.78 million (36.87% of the total) liquidated. Among this, short positions accounted for $16.20 million, or 91.12%.
Binance was the second-highest exchange with $13.65 million (28.3%) of positions liquidated, with short positions making up $10.21 million (74.84%).
OKX experienced about $7.80 million (16.17%) in liquidations, with short positions at 52.29%.
Notably, Gate.io saw $5.72 million in liquidations, with 72.62% being short position liquidations. BitMEX had a smaller liquidation scale, but 100% of its liquidations were long positions.
By coin, Bitcoin (BTC) had the most liquidated positions. Approximately $88.97 million in Bitcoin positions were liquidated in 24 hours, with about $23.85 million liquidated in 4 hours. Particularly, Bitcoin short position liquidations reached $21.89 million within 4 hours, more than 10 times the long position liquidations.
Ethereum (ETH) saw about $66.91 million in positions liquidated in 24 hours, with approximately $6.71 million liquidated in 4 hours. Despite Ethereum's price dropping by -3.82% in 24 hours, long and short position liquidations were at similar levels.
Solana (SOL) had about $12.77 million liquidated in 24 hours, while among other major altcoins, XRP ($4.82 million) and Dogecoin ($4.79 million) saw significant liquidations.
In the meme coin category, the FARTCO Token experienced about $6.92 million in liquidations within 24 hours, with its price rising by 8.90%. In the 4-hour timeframe, $3.14 million was liquidated, mostly short positions at $3.59 million.
Meme coins like PEPE and 1000PEI also saw over $1.50 million and $1.76 million in liquidations, respectively, with short position liquidations being predominant.
The TRUMP Token also saw about $500,000 in liquidations, while maintaining a relatively stable price at -0.53%.
In the cryptocurrency market, 'liquidation' refers to the forced closure of a leveraged position when a trader fails to meet margin requirements. This large-scale liquidation can be seen as an indicator of increased market volatility amid Bitcoin's upward trend and the decline of some altcoins.
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