Over the past 24 hours, total cryptocurrency Futures Contract liquidations across the market reached $474 million, primarily driven by Longing positions ($366 million).
Data from CoinAnk shows significant liquidation concentrated in BTC and ETH, reflecting strong price volatility that led to the forced closure of many positions on December 18th.
- Total cryptocurrency futures liquidation: $474 million in 24 hours.
- Liquidation of Longing positions worth $366 million and Short $107 million.
- BTC worth $109 million and ETH worth $155 million were liquidated.
Liquidation of futures across the market surged in the past 24 hours.
The total value of cryptocurrency Futures Contract liquidations across the network reached $474 million in the last 24 hours.
The liquidation structure leaned towards Longing positions: $366 million in long positions were liquidated, compared to $107 million in short positions. This difference indicates that many traders betting on an uptrend were wiped out when the market moved in the wrong direction.
With a scale of nearly half a billion USD, the liquidation could be a sign of high leverage in the short term. When Longing positions are largely liquidated, a sudden drop in volatility often causes a domino effect, triggering further mandatory position closures.
BTC and ETH are the two main liquidation targets.
BTC recorded $109 million in liquidations, while ETH saw a higher figure of $155 million.
Compared to the total market capitalization of $474 million, BTC and ETH alone accounted for $264 million. This indicates that liquidation pressure is significantly concentrated on these two assets that drive the liquidation of the cryptocurrency market.
ETH is the cryptocurrency with the highest liquidation rate in the data presented, surpassing BTC. Amidst the overwhelming Longing liquidation, short-term price fluctuations in BTC and ETH often spill over into the rest of the futures market, contributing to the overall liquidation across the network.
