The data shows that the cryptocurrency derivatives market has lost the highest number of liquidations in the past day as Bitcoin and other assets have crashed.
Bitcoin, Ethereum Saw Significant Drops Last Day
The last 24 hours have been red for digital assets, with the bulk of the market looking down more than 5%. Bitcoin did not change, as its price fell below the $95,000 level.
It was only a few days back that the stock showed a sharp recovery above $102,000. The steep risk since then would suggest that investors didn’t believe the rally would have legs, so they decided to take their profits while they still could.
Ethereum, the second-largest cryptocurrency by market cap, fared worse than Bitcoin, with its price falling to $3,350 after falling nearly 8% over the past day.
With its plunge, Ethereum has basically reversed all the momentum that came with the new year of 2025. Bitcoin still retains some of its advantages, but if the current trajectory continues, it won’t be long before it meets the same fate. well.
With every crisis the digital goods sector has seen, it can be expected that the market side will also be in turmoil.
Crypto Longs Just Got Hit Hard
According to data from CoinGlass, a large amount of liquidity has been accumulated in derivatives trading over the past day. “Liquidation” refers to the potential closing of any open contract after it has accumulated a certain level of losses (the exact percentage of which may vary between platforms).
Below is a table that breaks down the relevant numbers related to recent cryptocurrency liquidations.
As can be seen, a total of $689 million in contracts have been traded in the last 24 hours. Of these, more than $609 million of positions involved were long. This means that a whopping 88% of liquidations affected traders who bet on a bullish effect on the market.
Given the crash that the cryptocurrency industry has gone through during this window, it is not really surprising to see this difference between long and short closures.
In terms of individual token compression contributions, Bitcoin interestingly did not top the charts this time. Instead, Ethereum was king with nearly $152 million in liquidation.
The fact that Ethereum’s decline has been more significant than Bitcoin has a part to play in this, but it may not be the full story. It is possible that the trend is an indication that the speculative interest surrounding ETH has been expressed especially recently.