178 Million Liquidated Yet the Downtrend Appears to Have Ended
Earlier today, the cryptocurrency market experienced a sudden decline, leading to a notable increase in liquidations. However, it appears that the downward trend is starting to fade.
Data provided by CoinGlass reveals that over the past 24 hours, more than $178 million has been liquidated from the crypto market, marking a significant 292% surge. Long-position bullish traders incurred the majority of the losses, totaling $153 million.
In the last 24 hours, the total open interest in the crypto ecosystem has dropped by 2% and currently stands at $55 billion.
The data indicates that most of the liquidations were executed in retail traders’ positions. The largest single liquidation, valued at $2 million, occurred on the OKX exchange.
Among the cryptocurrencies, Ethereum (ETH) leads the chart with $55 million in liquidations, followed by Bitcoin (BTC) with $35 million.
The massive liquidations caused a dip in the overall crypto market. According to CoinGecko, the global cryptocurrency market capitalization declined by 3.6% in the past 24 hours and now sits at $2.14 trillion.
Bitcoin initially dropped to an intraday low of $58,150 but quickly regained momentum, reaching the $59,000 mark.
CryptoQuant reports that the number of Bitcoin addresses depositing into exchanges has decreased to 132,100, a level last observed in 2016. This indicator suggests a significant decrease in the number of BTC holders selling their assets, which in turn implies reduced selling pressure and lower price volatility.
According to a recent report by crypto.news on September 15, over $1.3 billion worth of BTC left centralized exchanges last week. Bitcoin’s on-chain movements and indicators indicate a potential bullish momentum.
However, it is important to note that macro events can still influence the market direction, despite the prevailing bullish investor sentiment.
For more information, read: Avalanche-backed borrowing protocol DeltaPrime suffers $4.5m hack
