Approximately $320 million worth of leveraged positions were liquidated in the cryptocurrency market over the past 24 hours.
According to currently aggregated data, long positions accounted for 85.63% of liquidated positions, while short positions accounted for 14.37%.
Binance saw the most position liquidations over the past four hours, with a total of $10.45 million (32.64% of the total). Long positions accounted for 79.18% of this liquidation.
The second most liquidated exchange was Bybit, with $6.05 million (18.9%) of positions liquidated, of which long positions accounted for 83.85%.
OKX saw liquidations of approximately $2.78 million (8.68%), with a long position ratio of 76.87%.
Notably, Hyperliquid had an extremely high long position liquidation rate of 99.47%, while Bitmex saw 100% of liquidated positions being long.
By coin, Bitcoin (BTC) positions saw the most liquidations. Approximately $24.64 million worth of Bitcoin positions were liquidated over a 24-hour period, and approximately $6.5 million over a 4-hour period. Specifically, BTC 4-hour liquidation data shows that far more short positions ($5.64 million) were liquidated than long positions ($800,000).
Ethereum (ETH) saw approximately $20.24 million worth of positions liquidated over the past 24 hours.
Solana (SOL) saw approximately $4.76 million liquidated over the past 24 hours, with $57,000 of long positions and $975,000 of short positions liquidated over the past 4 hours.
Dogecoin (DOGE) also saw an imbalance of liquidations, with long positions worth $34,000 and short positions worth $1.86 million liquidated over a 4-hour period, along with $4.88 million in liquidations.
In particular, the memecoin market showed significant volatility, with PEPE and 1000PEPE recording liquidations of $3.27 million and $6.65 million, respectively, over a 24-hour period. In PEPE's case, long positions worth $129,000 and short positions worth $893,000 were liquidated over a four-hour period.
It is noteworthy that new tokens such as LIGHT and RIVER also recorded large liquidations of $15.88 million and $8.92 million respectively over 24 hours.
This massive liquidation in the cryptocurrency market demonstrates increased overall market volatility, with the impact particularly felt in the altcoin and memecoin markets.
Article Summary by TokenPost.ai
๐ Market Interpretation
- Approximately $320 million worth of leveraged positions were liquidated over 24 hours.
- Long positions account for 85.63%, while short positions account for 14.37%, with long liquidations overwhelmingly occurring.
- The most liquidations occurred on Binance (32.64%) and Bybit (18.9%).
- BTC and ETH recorded the largest liquidations at $24.64 million and $20.24 million, respectively.
- New tokens such as LIGHT, RIVER, and 1000PEPE also recorded significant liquidation volumes.
๐ก Strategy Points
- The fact that long positions are liquidated more than short positions suggests that downward pressure on the market was strong.
- Bitcoin's 4-hour liquidation saw an exceptionally high number of short position liquidations, so watch for the possibility of a short-term rebound.
The high liquidation volume of memecoins and new tokens highlights the risks of leveraged investing in this space.
๐ Glossary
Liquidation: A situation in which a position is forcibly closed when the margin requirement is not met in a leveraged transaction.
- Long Position: A trading strategy that involves buying an asset in anticipation of its price rising.
- Short Position: A trading strategy that sells assets in anticipation of a decline in their price.
- Leverage: A financial technique that allows investors to trade with amounts larger than their capital.
TokenPost AI Notes
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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