$585,000,000 Crypto Liquidation Spree: Market Entering Bloodbath?

Key Points

1. $585 million was liquidated in the cryptocurrency market within a day, impacting 161,524 traders.

2. Ethereum was the most affected with $182 million in liquidations, followed by Bitcoin with $104 million.

3. Binance accounted for the largest share of liquidations among exchanges with over $26 million, followed by Bybit and OKX.

4. Over $407 million of the liquidations were from long positions, indicating traders were betting on further market gains.

5. Ethereum's price struggled to maintain momentum above $3,800, trading just below $120,000, with low volume raising doubts about bullish sentiment.