The crypto market has seen frequent fluctuations within the past 24 hours, mainly owing to the liquidation of $218.71M. Cryptocurrencies, such as BTC/USD, ETH/USD, and others, have been impacted, with over 68,155 traders getting liquidated on the platform.
LIQUIDATION DATA IN 24 HOURS
TOTAL LIQUIDATIONS: UP TO $218.71M
TOP 5 COINS WITH HIGHEST LIQUIDATION:
$BTC ~ $61.68M $ETH ~ $51.36M $SUI ~… pic.twitter.com/Q0ppgoWh4l— PHOENIX – Crypto News & Analytics (@pnxgrp) October 8, 2024
Exchange Liquidations: Binance Leads the Pack
The highest values of liquidations identified within the last 24 hours were observed on Binance, with total volumes exceeding $260.39M. 67.36% of these liquidations were in short positions, and 32.64% were in long. Binance is still the most liquidated platform, and the single largest liquidation order was for $10.97M on the ETH/USDT trading pair.
Other major platforms also faced large-scale liquidations:
- Liquidations on OKX totaled $169.08M, of which 78.59% were from long positions.
- Total liquidations for ByBit stood at $40.55 million, with the long-to-short ratio at 69.11% dominance by longs.
- HTX (formerly Huobi) had a total of $39.24M in liquidations, of which longs comprised 62.24%.
- The remaining exchanges, including Coinex, BitMex, and Bitfinex, experienced an average liquidation volume of $11.88M, $3.54M, and $1.51M, respectively.
Top Assets Liquidated: BTC and ETH Lead the Fallout
As for individual assets, the BTC was the most affected, with $61.68M being liquidated, or 989 BTC. This is not a shock, considering that the BTC more or less controls the overall cryptocurrency market, and BTC directly impacts the general movement of price trends within this domain.
Right behind BTC, Ethereum prices experienced a liquidation volume of $51.36M or 21.15K ETH. Following the same trend as the leading crypto by market cap, ETH, the second-largest token by this metric, has also felt the brunt of this mass liquidation.
Other tokens also faced significant losses:
- SUI achieved $11.12M in liquidations with the exchange value of 5.50M SUI tokens.
- NEIRO, $9.91 million was wiped out, erasing 5.86B NEIRO tokens.
- Solana (SOL) was under heavy pressure as liquidations reached $7.69M or 53.58K SOL tokens.
Newer and popular assets like meme coins such as the DOGE and lesser-known coins such as WIF, Mew, and PepeCoin also saw heavy liquidations. Another popular meme coin is Shiba Inu, which faced 101.15B SHIB worth $1.75M liquidated.
Impact on Traders: A 24-Hour Rollercoaster
68,155 traders got liquidated within a single day across various exchanges because the market was very volatile and unexpected for several people. Such liquidations show risks involved in leveraged trading. Small movements in the price of a particular asset can result in huge losses to traders on the wrong end of the market.
The crypto market remains erratic as seen by current liquidation trends across trades. Traders are urged to exercise caution and carefully consider their positions as the market dynamics continue to evolve.