Ethereum leads liquidations as $259 million wiped out in 24 hours amid Bitcoin price swing

Over $259 million was liquidated from the crypto market in the past 24 hours, with Ethereum leading the losses at $73.16 million. Bitcoin’s price fluctuated between $67,000 and $65,400, contributing to market volatility.

Data from Coinglass shows that 86,408 traders were liquidated, with the largest single liquidation order valued at $9.63 million occurring on OKX’s BTC-USDT swap. Long positions dominated the liquidations, accounting for $186.31 million, while short positions accounted for $78.61 million.

In the last four hours, exchanges reported significant liquidations totaling $20.30 million. Binance led with $9.40 million, predominantly from long positions at 73.55%. OKX and Bybit were followed by liquidations of $4.70 million and $3.93 million, respectively, with long positions making up over 86% of the losses on both platforms.

The substantial liquidations indicate heightened market activity and potential over-leveraging by traders as Bitcoin Open Interest recently hit a new all-time high.

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