Market Turbulence Causes $160M in Cryptocurrency Liquidations

Market Turbulence Causes $160M in Cryptocurrency Liquidations

The cryptocurrency ecosystem is experiencing market turbulence causing $160M in cryptocurrency liquidations amidst a market correction.

$160M in Cryptocurrency Liquidations

According to data from Coinglass, the total crypto liquidations have reached $160.71 million in the past 24 hours. The majority of these are long positions, accounting for approximately $127.53 million, as the market shifts direction.

Data indicates that only $33.18 million worth of various cryptocurrencies have been liquidated from short positions. Coinglass reports that global crypto open interest has decreased by 2.95% in the past 24 hours, now standing at $69.3 billion.

Binance, the largest crypto exchange by trading volume, leads with around $75.79 million in liquidations over the past day. Following Binance are OKX, Bybit, and Huobi, with $53.91 million, $14.23 million, and $11.32 million in liquidations, respectively.

Ethereum and Bitcoin Liquidations

Ethereum (ETH) liquidations have reached $27.81 million, surpassing Bitcoin’s (BTC) $20.36 million. A report from 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. Before this approval, permanent ETH holders had accumulated over 100,000 ETH tokens on May 20.

Notcoin (NOT) holds the third position with $6.2 million in liquidations in the past 24 hours, according to Coinglass. The short NOT positions liquidated amount to $3.77 million, while approximately $2.43 million in long positions have been liquidated, driven by the asset’s 29% price rally.

Global Market Capitalization

These increased liquidations coincide with a 2% decline in global crypto market capitalization over the past 24 hours, dropping from $2.7 trillion to $2.66 trillion, as per CoinGecko.

The total daily trading volume has also plunged by 8%, currently hovering around $86 billion. Given the declining trading volume and open interest, lower price volatility is expected, at least for the larger cryptocurrencies.


To conclude, the cryptocurrency market experienced $160M in cryptocurrency liquidations and insignificant turbulence, leading to substantial liquidations totaling $160 million. With major exchanges like Binance and assets such as Ethereum and Bitcoin heavily impacted, the overall market capitalization has dropped by 2%. As trading volume and open interest decline, we can anticipate reduced price volatility for major cryptocurrencies in the near term.

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