Bitcoin’s liquidations fall below $3,200, with ETH surpassing it.

For the second time in the last seven days, Ethereum (ETH) has surpassed Bitcoin (BTC) in terms of liquidations, according to data provided by Coinglass. In the past 24 hours, global crypto liquidations reached $195.11 million. ETH takes the lead with $64.75 million in liquidations, consisting of $57.18 million in longs and $7.57 million in shorts. Bitcoin comes in second with $46.74 million in liquidations, including $32.85 million in longs and $13.89 million in shorts. The dominance of long-position liquidations coincides with a correction in the global cryptocurrency market, as the total market capitalization dropped from $2.53 trillion to $2.46 trillion in the past day. This marks the second time in the past week that ETH’s liquidations have exceeded BTC’s. On May 1, ETH saw $91.76 million in liquidations compared to BTC’s $68.51 million. Additionally, Coinglass data shows that the total crypto open interest decreased by 2.12% in the past 24 hours and currently stands at $57.17 billion. Santiment data reveals that BTC’s total open interest dropped from $10.45 billion to $10.21 billion in the past 24 hours. The price of Bitcoin also experienced a 1.5% decline in the same period and is currently trading at $64,200. On the other hand, the open interest for ETH declined by 1.7% and is now at $4.89 billion. Ethereum itself has seen a 2.7% drop in the past 24 hours and is currently trading at $3,110. With the decrease in global cryptocurrency open interest, it is expected that the leading digital assets will experience lower price volatility.