The cryptocurrency market is experiencing increased liquidations as it undergoes a correction. According to data from Coinglass, total liquidations in the crypto market have reached $160.71 million in the past 24 hours. The majority of these liquidations are from long positions, amounting to approximately $127.53 million, as the market takes a downturn.
Short positions account for $33.18 million in liquidations, indicating a broader market adjustment. Coinglass also reports that global crypto open interest has decreased by 2.95% in the past 24 hours, currently standing at $69.3 billion.
Binance, the largest cryptocurrency exchange by trading volume, leads the liquidation figures with approximately $75.79 million in the past day. Following Binance are OKX with $53.91 million, Bybit with $14.23 million, and Huobi with $11.32 million in liquidations.
Ethereum (ETH) liquidations have reached $27.81 million, surpassing Bitcoin’s (BTC) $20.36 million in the same period. A report from crypto.news on May 23 highlighted that the ETH to BTC trader exposure ratio has increased due to the approval of spot Ethereum ETFs in the U.S. Prior to this approval, long-term ETH holders accumulated over 100,000 ETH tokens on May 20.
Notcoin (NOT) ranks third with $6.2 million in liquidations over the past 24 hours. Short NOT positions account for $3.77 million in liquidations, while long positions make up $2.43 million, largely due to a 29% price rally for the asset.
These increased liquidations coincide with a 2% decline in the global cryptocurrency market capitalization, which has fallen from $2.7 trillion to $2.66 trillion, according to CoinGecko. Additionally, the total daily trading volume has dropped by 8%, now hovering around $86 billion.
Given the declining trading volume and open interest, lower price volatility is expected, at least for major cryptocurrencies.
