Crypto Market Sees $615M Liquidations as Ethereum and Bitcoin Lead the Wipeout

The recent market activity witnessed a significant skew towards long positions, with $533.52 million liquidated, dwarfing the $81.23 million lost by short positions, according to data from CoinGlass.

Ethereum suffered the most substantial losses, with a massive $233.71 million in positions liquidated, of which $200.79 million were long bets. Bitcoin followed with $134.40 million in liquidations, primarily driven by $125.45 million in long positions. Together, these two leading cryptocurrencies accounted for almost 60% of the total market liquidations.

Other prominent assets also experienced considerable position closures. Solana saw $35.63 million in liquidations, while Dogecoin and XRP faced $23.40 million and $20.35 million, respectively. Altcoins generally were also affected, with over $53 million liquidated across the broader market.

This surge in liquidations occurred amidst ongoing market volatility, with Bitcoin fluctuating around $113,800 and Ethereum trading near $3,511. Both assets have recorded weekly losses – BTC down by 3.49% and ETH by 6.22% – indicating persistent selling pressure.

With leveraged long traders bearing the brunt of this recent market movement, analysts caution that market instability may persist if prices fail to recover crucial support levels. For Ethereum, this key level lies near $3,500, while Bitcoin traders are closely monitoring the $113,000 area.

Should the sell-off continue, another round of liquidations could ensue, potentially exacerbating volatility and driving prices further downward in the near term.