Markets
Cryptocurrency Liquidations Hit $292M, Global Market Cap Drops 3.6%
Cryptocurrency liquidations have seen a massive increase as the global cryptocurrency market cap has plummeted below the $2.5 trillion mark.
According to data from Coinglass, total cryptocurrency liquidations increased by 92.5% over the past 24 hours, reaching $292.22 million. Due to the overall market decline, nearly 89% of the total amount, or $259.7 million, belongs to long positions.
Cryptocurrency Liquidations Map – July 25 | Source: Coin glass
The remaining $32.5 million was liquidated by short holders.
According to Coinglass, Ethereum (ETH) has the largest allocation, worth $101.6 million in liquidations — $97.5 million in long positions and $4.1 million in short positions. Bitcoin (BTC) secured second place with $83.3 million in liquidations on the last day: $71.5 million in long positions and $11.7 million in short positions.
Coinglass data shows that the largest liquidation occurred on Binance, the largest cryptocurrency exchange by trading volume, amounting to $11.78 million in the BTC/USDT trading pair.
Second data According to CoinGecko, the increase in liquidations comes as the global cryptocurrency market cap has dropped 3.6% over the past 24 hours, falling from the $2.5 trillion mark to $2.42 trillion. Notably, the total cryptocurrency market cap briefly hit a local high of $2.55 trillion at 15:00 UTC on July 24.
Additionally, Bitcoin hit an intraday high of $67,110 on Wednesday, July 24, before falling to near $64,100. Ethereum is currently among the biggest losers over the past 24 hours with a price decline of 8.1%. ETH is trading at $3,160 at the time of writing.
Ethereum’s decline occurred after the ETH ETF spot in the United States recorded a net outflow of $133.3 million on its second day of trading, July 24.
Following the increase in liquidations, the total open interest in the cryptocurrency market has decreased by 4% and currently stands at around $63.6 billion, according to Coinglass. At this point, one would expect the overall market to see less volatility with less incoming liquidations.