Crypto liquidations in the cryptocurrency market have dropped significantly by 80.26% recently, indicating a period of consolidation with low volatility and neutral sentiment. According to Coinglass data, the total amount of crypto liquidations in the last 24 hours is $42.4 million, reflecting a lack of significant market movements.
Breaking down the numbers, long positions constitute approximately $23.8 million of the liquidations, while short trading positions make up $18.5 million. Ethereum (ETH) leads the way in liquidations with $9 million, split between $3.5 million in longs and $5.5 million in shorts. Following closely behind, Notcoin (NOT) ranks third with $3.9 million in liquidations, after a group of small-cap crypto assets. Bitcoin (BTC) secures the fourth spot with $3.25 million, including $2.44 million from long positions liquidated within 24 hours.
Interestingly, almost half of the total liquidations, amounting to $20 million, originate from Binance, the largest crypto exchange globally by trading volume. The second spot is taken by the Seychelles-based exchange OKX, with $13 million in liquidations, accounting for over 30.7% of the global liquidations. Additionally, total cryptocurrency open interest has seen a minor increase of 0.2%, reaching $66.3 billion.
As for the global crypto market capitalization, it currently stands at approximately $2.54 trillion, as reported by CoinGecko. Bitcoin (BTC) and Ethereum (ETH) have been trading around $66,000 and $3,500 respectively over the past day, experiencing slight movements amidst the overall neutral sentiment in the market.
These numbers and trends indicate a period of consolidation in the cryptocurrency market, with traders and investors closely monitoring the situation for any potential shifts or significant developments. The decline in liquidations coupled with stable market prices suggest a temporary pause in the otherwise dynamic nature of the crypto space, as participants wait for the next catalyst to drive the market forward.