The crypto market has seen a relatively large sell-off from users over the past two days, leading to a sudden increase in liquidations.
Value fluctuations of leading cryptocurrencies at 08:35 AM on June 12, 2024. Source: Coin360
According to CoinGlass , the sell-off resulted in the liquidation of approximately $260.13 million in leveraged positions over the past 24 hours. A significant portion, $223.08 million, is in long positions.
Liquidation data in the last 24 hours. CoinGlass screenshot at 08:35 AM on June 12, 2024
At the time of writing, Longing orders accounted for nearly 86% with a total value of 223.08 million USD, while Short orders accounted for very little, only 37.06 million USD. The two "favored" liquidation coins are still the top two Token in the market, Ethereum and Bitcoin. Ether leads with a liquidation amount of 71.2 million USD, of which 61.87 million USD are Longing orders. Bitcoin is followed at $68.1 million in liquidation with $52.83 million in Longing positions.
According to CoinGlass , more than 100,000 investors exited their positions, resulting in a liquidation volume of 260.13 million USD. Binance, the world's largest centralized exchange, has seen a large liquidation order for the ETH- USDT Token pair, worth $6.6 million.
Binance continues to lead the list of CEX exchanges with the highest liquidation positions, with more than 94 million USD traded. The next positions include OKX with 86.83 million USD, HTX with 35.27 million USD and Bybit with 23.45 million USD liquidated.
To explain this phenomenon, one of the reasons is because the US Federal Reserve ( Fed ) is about to release dual macroeconomic data, the monthly CPI Consumer Price Index report and interest rate announcements. .
Chia to The Block on June 11, Mr. Luuk Strijers, CEO of Deribit, said that Bitcoin is more correlated with riskier assets than usual.
“Traders should be more cautious, proactively reducing exposure to Bitcoin or using options strategies to hedge risks until the economy becomes clearer. Implied Volatility (IV) has fallen above the supply-demand curve for Bitcoin and Ether. Despite this near-term uncertainty, basis yields and trading spreads remain high for all term horizons,” Mr. Strijers said.
Bitcoin, the largest coin by market Capital , has dropped 3.31% over the past 24 hours, trading at $67,000.
1h chart of the BTC/ USDT pair on Binance at 08:40 AM on June 12, 2024
The second largest coin by market Capital , Ethereum, is down 4.88%, trading at $3,473 at the time of writing.
1h chart of the ETH/ USDT pair on Binance at 08:40 AM on June 12, 2024
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