Within the past 24 hours, the crypto market saw huge liquidations amounting to $223.34M as Bitcoin (BTC) and Ethereum (ETH) recorded major downturns. These sharp sell-offs led to the elimination of thousands of traders, showing that cryptocurrencies witness high price fluctuations and, therefore, unstable markets.
LIQUIDATION DATA IN 24 HOURS TOTAL LIQUIDATIONS: UP TO $223.34M TOP 5 COINS WITH HIGHEST LIQUIDATION: $BTC ~ $84.20M $ETH ~ $35.13M… pic.twitter.com/6lYdhCveUj
— PHOENIX – Crypto News & Analytics (@pnxgrp) October 29, 2024
BTC Dominates Liquidations: $84.20M Wiped Out
Not surprisingly, BTC led the pack, losing $84.20M. This amounts to 1.18K BTC and makes it the most liquidated asset. As previously pointed out, its high volatility is often associated with the high volatility of an overall market. Bitcoin is the flagship digital currency, a staple investment for most crypto investors. It was a disaster for investors who had used margin to buy BTC because any fluctuations in the price of the coin led to massive sell-offs.
Ethereum Follows with $35.13M in Liquidations
Another big hit was taken by Ethereum, the second largest cryptocurrency by market capitalization, which suffered $35.13M in liquidations, or 13.41K ETH. Ethereum price movements correspond to Bitcoin price movements most of the time; however, it also has its drivers for price fluctuation, such as DeFi and NFTs. ETH, too, witnessed a rise in liquidations due to leveraged trading as markets began to decline.
Solana Liquidates $16.18M
Solana, another leading altcoin, registered $16.18 million of liquidations, or 89.39K SOL. One of the fastest-growing blockchains for handling transactions and DeFi, Solana usually experiences a lot of fluctuations. The selling volume in SOL shows traders were eager to liquidate their holdings as uncertainty emerged within the market and sent a ripple effect of more selloffs.
Other Coins Affected by Liquidations
Other cryptocurrencies were also liquidated, but less intensely than BTC or ETH. Notable mentions include:
DOGE: Dogecoin did not escape the liquidations as $14.18M was liquidated, represented by 86.46M DOGE
SUI: Sui (SUI) has incurred $5.31M in liquidations, translating to 2.82M SUI tokens
PEPE: Liquidated $2.28M (237B PEPE).
TIA: Liquidated $2.18M or 429.13K TIA.
WIF: Realized $2.62M in liquidations (984.96K WIF).
WLD: Erased $1.6M (790.47K WLD).
APE: The total liquidations aggregated to $1.4M or 1.3M APE.
GOAT: Liquidated $1.36M (2.14M GOAT).
Exchange Platforms Bear the Brunt
The liquidation activity was spread over some major exchanges where Binance was at the forefront with $124.13M. Some other exchanges that recorded heavy liquidations include OKX with $56.39M, HTX with $21.07M, and Bybit with $10.96M. Similarly, Coinex, Bitmex, and Bitfinex also got liquidations, but to a slightly lower extent. Since the largest liquidations are in Binance, which represents a high trading volume, high leverage trading activity, and a large client base, the platform is extremely sensitive to changes in market conditions.
A Surge in Trader Liquidations
Over 64,568 traders were subjected to liquidations, making it one of the most severe 24-hour losses. The biggest single liquidation across all exchanges happened on Binance, where the BTC/USDT pair was liquidated at $18M. This figure shows the frequency of liquidations on leveraged positions, where low prices encourage people to make sales that impact traders worldwide.
Final Thought
This massive liquidation event helps us understand that the crypto market remains volatile. While digital assets are building popularity among traders due to high returns on investments, extremely high risks are involved, especially when taken on leverage. For now, traders and investors must think twice about their options and prepare for future market developments.
