The cryptocurrency market lost a record $ 806 million per day

Over the past day, the cryptocurrency market has experienced large-scale liquidations worth $ 806.44 million, which is the largest volume of forced position closures in recent weeks. The reason was a sharp decline in prices for key assets: bitcoin BTC $112,510.00 Mezo Wrapped BTC -2.60% Market capitalization $40.91 million VOL. 24 hours $2.8 billion dropped from $ 114,163 to $ 111,931 (the day’s low was $ 110,802), and Ethereum ETH $4,366.65 Bridged Ether (StarkGate) -9.07% Market capitalization $0.11 billion VOL. 24 hours $4.6 billion - from $ 4784 to $ 4635. Both coins lost more than 2.5% on the day.

Long positions suffered the most. Of the total liquidation volume, $ 642.45 million was accounted for by longs, while shorts amounted to $ 162.4 million. Bitcoin alone accounted for $ 267.85 million in liquidations, and Ethereum for $ 263.41 million. Together, they formed more than two-thirds of all forced closures on the market.

According to CoinGlass, the largest losses were recorded on the Bybit exchange — $ 304 million, of which 87% were long positions. Binance took second place with $ 209 million in liquidations (more than 75% were longs), followed by OKX with $ 117 million. On the other hand, liquidation of short positions prevailed on Bitfinex and BitMEX, which indicates the specifics of the distribution of rates on individual platforms.

Analysts note that traders have overbuilt bullish positions at high price levels, hoping for further growth, especially after Ethereum’s new peak over the weekend. But when bitcoin failed to stay above $ 114,000 and ether dropped below $ 4,700, margin calls began to kick in, triggering a chain effect of sales. The largest liquidation occurred on OKX in the BTC-USDT pair and amounted to $ 12.49 million.

Although other major coins such as Solana and Dogecoin were also affected, their liquidation volumes were significantly lower. The main driver of the decline was the large-scale sale of BTC and ETH, which together accounted for more than $ 530 million in forced closures.