3 min read 
The crypto market has experienced a significant shakeout as liquidations have surpassed $1.58billion in the past 24 hours – the largest since 2021.
The dip comes amid Bitcoin’s (BTC) struggle to maintain momentum after briefly surpassing the $100,000 milestone. Data shows long positions accounted for over $1.39bn in losses, with 503,527 traders liquidated. The single largest liquidation also happened on Binance, worth $19.69m.
Crypto liquidations hit the highest since 2021
The crypto market saw some of the largest liquidations ever in 2021. One of the largest was recorded on 17 April 2021, when over $9bn worth of BTC long position was liquidated.
Data from Coinglass shows that a total of $1.58bn in positions closed across major exchanges. Binance, the largest crypto exchange by volume, recorded $668.35m in liquidations. The exchange alone represents 42.42% of the total wipeout. OKX and Bybit followed with $406.96m and $339.52m, respectively.
Long positions suffered the most, with $1.39bn in bullish bets being closed compared with $185.47m in short positions. The liquidation data reveals that 88.23% of positions are being long across all exchanges. Binance’s long traders were particularly affected, with $589.05m in positions liquidated, while shorts accounted for $79.30m.
Smaller exchanges also experienced notable liquidation events, with HTX recording $95.21m and CoinEx seeing $50.94m.
The liquidation heatmap highlights major activity across various cryptocurrencies, with BTC leading at $172.23m in liquidations, followed by Ethereum (ETH) at $229.63m. BTC’s liquidation comprised $135m in long positions and $36m in short positions.
Meanwhile, ETH liquidation accounted for $202m in long positions and $27m in short positions. Other cryptocurrencies collectively accounted for $495.8m in liquidations.
The third most-liquidated coin was Dogecoin (DOGE) at $88.2m, followed by XRP at $67.53m.
Supporting the overall market outlook, crypto analyst Rekt Capital shared that the altcoin market cap has been rejected from the historical $425bn rejection point. The analyst also indicated that this is a sign of $425bn weakening as a resistance.
Global crypto market cap plunges 2.3%
The cryptocurrency market’s total capitalization has taken a hit, dropping 2.3% amid the massive liquidation event. BTC, despite its recent milestone of touching $100,000, is now trading at $97,787. Despite the pullback, BTC maintains its dominant position in the market with a 55.44% share of the total market cap.
ETH has also seen a price drop of 2.89%, bringing its price to $3,762 with a market dominance of 12.99%. Other major cryptocurrencies have followed suit, with Solana (SOL) dropping 4.3% to $217, XRP dropping over 6% to $2.24, and Binance Coin (BNB) declining 2.38% to $700.
The market downturn has affected various cryptocurrency sectors beyond the major tokens. The liquidation heatmap reveals pressure across different categories, including NFTs and meme coins.
The total meme coin market cap has plunged by over 12% as per CoinGecko data. Dogwifhat (WIF) and BONK lost more than 11% in the last 24 hours, while PEPE gained 2% amidst the market correction. Data from Cryptoslam shows that the total NFT sales volume nosedived by 20.5% in the last 24 hours to $24.2m.
Trading volumes across major exchanges have surged during this period, with CoinMarketCap reporting an 88% surge in the 24-hour trading volume.
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