The last seven days have been very crucial for the crypto exchanges in terms of liquidation as over $1.01 billion in funds were liquidated from prominent exchanges during the past week. An on-chain analytical firm shared the report and the stats on the social media platform, X.
Top Exchanges by Liquidations in last 7 days
The vast majority of the casualties were long positions last days, with more than $1.01B liquidated in total. Let’s take a look at the top exchanges by liquidations of longs and shorts within last week, according to @coinglass_com. pic.twitter.com/2ye6t23wCG
— TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico) September 3, 2024
As per stats, most of the positions that got liquidated in the last few days were long positions. Approximately, around $1.01 billion in funds got liquidated during the last seven days. Binance is at the top of the list where maximum traders got liquidated and the rest of the exchanges with the most liquidations include OKX, HTX, ByBit and a few others.
Binance, The Prominent Crypto Exchange Got Affected by Liquidation
Binance, the leading crypto exchange at the top of the list faced maximum liquidation last week. Binance roughly lost $459 million in funds the past week, $329 million in longs and $130 million in shorts. Binance is counted as the leading crypto exchange at the global level lost nearly a half billion and has aroused much speculations in the crypto market in terms of trading.
OKX and HTX Lost Maximum Funds After Binance – ByBit & CoinEx Are Also on the List
Speaking of the liquidation casualties, OKX and HTX are on the 2nd & 3rd ranks and got liquidated around $324.5M and $88.7M funds. HTX and ByBit somewhere stand close and equally became the victim of liquidations as ByBit lost a total of $81.7M in funds. Additionally, CoinEx, BitMex, and BitFinex also became the victims of the liquidations of the last week.
Stats show that the majority of open positions this week were long positions. Collectively, all funds that were liquidated on prominent cryptocurrency exchanges combinedly make around $1.01 billion, $752.2 million in longs and $260.6 million in shorts.
These Liquidations Spark Concerns in the Crypto Market
A prominent figure of $1.01 billion funds in liquidations indicates the rising rate of volatility in the crypto market. And, the high leveraging is the crucial factor in driving the forced liquidations. These liquidations are more likely to hit the sentiment of the crypto traders and market stability. These massive liquidations are of prime concern in terms of understanding the market trends and managing risk factors and crypto assets over the crypto exchanges.