The market has recorded massive crypto liquidations over the past few hours amid the recent roadblock to the Bitcoin and broader market rally.
According to data from Coinglass, liquidations have soared to over $507 million in the last 24 hours. A significant portion of this damage occurred in just four hours, where more than $300 million in leveraged positions were wiped out.
Crypto Liquidations Tilt to Long Positions
Notably, long traders suffered the most, with $271.07 million in long positions liquidated in this brief window, compared to $29.01 million in shorts. This short-term wipeout points to a rapid market downturn that caught many bullish traders off guard.
Interestingly, the data further shows that within 12 hours, the market saw $380.53 million in liquidations, including $335.64 million from long positions and $44.89 million from short positions.
Meanwhile, over the past hour alone, crypto liquidations stood at $179.76 million, with longs again making up the majority at $171.45 million, while shorts only accounted for $8.31 million. Notably, these increased liquidation figures emerged due to expectations of further upside as the Crypto FGI flips to “Extreme Greed.”
Notably, over the full 24-hour period, a total of 174,569 traders were liquidated, contributing to the cumulative $507.64 million loss. Long traders saw $380.66 million of that total, while short positions made up $126.98 million.
The largest individual liquidation order occurred on Binance, involving the ETH/USDT pair and valued at $3.97 million. Also, in terms of asset-specific damage, Ethereum led the chart with $112.02 million in liquidations, followed by Bitcoin with $52.49 million, and then XRP with $48.76 million.
Despite Recent Declines, Bitcoin and the Broader Market Hold up Well
Despite the aggressive long crypto liquidations, data shows that the market remains volatile but not entirely in decline. For instance, Bitcoin is currently trading for $117,826, experiencing only a slight dip of 0.37% over the last 24 hours.
While Bitcoin traded around $118,400 earlier in the day, analyst Crypto Virtuos confirmed that the firstborn crypto had been trading sideways for some time, and this hinted at a possible short-term correction.
He suggested there would be a minor pullback of about 6–7%, which could bring BTC down to the $113,000 range, aligning with the key 0.618 Fibonacci level. However, he remained confident in the broader uptrend and believes the next leg up could take Bitcoin as high as $138,000.
BTC has dropped below the $118,000 mark since then. Meanwhile, Ethereum, which faced the highest liquidation volume, has given up the $3,800, $3,700, and now the $3,600 psychological levels. While it dropped 1.02% in the past hour and 1.67% over 24 hours, the asset has still posted a weekly gain of 12.79%.
Also, XRP has given up the $3.3 region, now trading for $3.29. It has shed 1.87% in the past hour and 5.11% in 24 hours, though it remains up by 10.5% over the week. Solana also faced downward pressure, falling 1.71% in the past hour and 3.83% in a day to trade at $191.20.
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