$BTC, $ETH, and the overall cryptocurrency market saw $1.59B in liquidations in the last 24 hours, with Ethereum leading the pack at $231.82M. The high-pressure trading resulted in over 533,234 traders being wiped out, making it one of the most turbulent trading days. The liquidated Ethereum ($ETH) positions equated to roughly 61.64K ETH, highlighting its weaknesses in the massive market crash.
LIQUIDATION DATA IN 24 HOURS
TOTAL LIQUIDATIONS: UP TO $1.59B
TOP 5 COINS WITH HIGHEST LIQUIDATION:
$ETH ~ $231.82M… pic.twitter.com/G6eMqvgOI6— PHOENIX – Crypto News & Analytics (@pnxgrp) December 10, 2024
$ETH, $BTC and $DOGE Suffer Significant Liquidations
Ethereum ($ETH) was the most liquidated asset, while BTC was the second most, with $175.72 million or 1.8K BTC. These liquidation figures show that the market has extremely high leverage as longs and shorts sustained heavy losses.
Top altcoins like Dogecoin ($DOGE) got hit badly, and the token saw liquidations of around $89.45 Million. This loss equates to the liquidation of 217.63 million DOGE positions, showing that trading meme coins during high volatility is risky.
Ripple and Solana Among Top Liquidated Assets
Ripple’s XRP recorded liquidations worth 30.96 million tokens and $69.36 million. XRP risks demonstrated the increased trade volume accompanied by high volatility in prices. Next on the list was Solana ($SOL), which saw $49.51 million in liquidations, equivalent to 227.2K SOL tokens. Both assets are characterized by the high level of activity of the related ecosystems, which tend to enhance price changes during market turnovers.
Smaller Tokens Face Major Setbacks
Other assets have also incurred large liquidations. Many tokens suffered, especially meme tokens, like Pepe ($PEPE), which lost $26.75 million. Cardano ($ADA) posted $23.70 million in liquidations or 23.23 million ADA tokens, while MOVE token had $20.73 million in liquidated value.
Litecoin ($LTC), usually considered one of the safest assets to invest during volatile times, recorded $15.70 million in liquidations. Similarly, $WIF and Filecoin ($FIL) liquidated by $15.18 million and $14.57 million, respectively, proving that no token remained unaffected by the market.
Binance Dominates Exchange Liquidations
The exchange that recorded the highest liquidation figure was Binance, the world’s biggest exchange that lost $610.54M. OKX is second on the list of platforms with $363.46M worth of liquidations, and Bybit has $308.23M in liquidations. HTX accumulated $90.63 million of losses from traders, and other exchanges, such as CoinEx ($49.00 million), BitMEX ($8.53 million), and Bitfinex ($6.88 million), were not left behind. These statistics show that liquidations affected users across different platforms to varying degrees.
The Largest Single Liquidation Order
Binance witnessed one of its biggest single liquidation orders in the ETH/USDT pair. This order was worth $19.69M, making it the largest loss for a single trader on that particular day. Such occurrences remind traders and investors of the dangers of using leverage to trade the markets, particularly when the markets are highly volatile.
Long Positions Dominate Liquidations
For instance, more long positions were liquidated, meaning the market has recorded a steep correction. Looking at the long/short distribution, long positions dominate liquidations with 88.53% on Binance, similar values of 87.34% on OKX, and 87.83% on Bybit. This pattern shows that most traders were caught on the wrong side of the fence due to the turn of events in the market.
A Reminder of Market Risks
These giant $1.59 billion losses in $ETH, $BTC and other assets clearly indicate the dangers of leveraged trading in the crypto market. For traders, especially those with $ETH, this event is a perfect example of how they should conduct their business and remain careful, especially during volatile periods in the market.
