According to data provided by Coinglass, the total crypto liquidations have surged by 114% over the past 24 hours, reaching a current total of $265 million. Of this amount, $236 million represents the liquidation of long positions. In total, over 102,000 traders have faced liquidations within this timeframe. The market experienced a brief plunge in the asset’s price, dipping below the $58,000 mark, prompting fear, uncertainty, and doubt (FUD) within the market.
During the same 24-hour period, the value of ETH dropped by 4.4%, with the cryptocurrency trading at $3,215 at the time of reporting. Binance, the largest crypto exchange by trading volume, reported $112 million in liquidations, accounting for 42% of the total amount. Following closely behind is OKX, with $87 million in liquidations. Coinglass data also indicates that global cryptocurrency open interest decreased by 4.7% over the past 24 hours, stabilizing at around $58.5 billion.
As open interest declines, lower market volatility and liquidations can be expected amidst sideways movements. This level of open interest has not been observed since May 1, when the market witnessed a short-term bullish momentum. It is important to take into account the unpredictability of market movements, particularly in the midst of market-wide FUD.
