CoinGlass data shows that recent volatility in the cryptocurrency market caused a lot of derivatives trade to end. Liquidation means ending open contracts against your will after significant loses.
There were $126 million worth of trades on the cryptocurrency futures market in the last 24 hours. Nearly $101 million of this amount came from short-term contracts, which is more than 80% of the whole. This means that recent volatility, mostly caused by Bitcoin’s rise, had a significant impact on investors who were betting that the market would go down.
Bitcoin Leads Crypto Liquidations
A “squeeze,” which is what happened, had a major effect on shorts, which caused a “short squeeze” where liquidations made the price move even faster.
Bitcoin had the most liquidations, with about $45 million. Ethereum came in second with $24 million, and Solana came in third with $8 million.
XRP stood out because long positions dominated during sideways movement, which was different from other cryptocurrencies where short positions dominated liquidations.
According to market intelligence from IntoTheBlock, Bitcoin’s price quickly rose above $63,000. This was a substantial recovery that was helped by on-chain data showing strong support around $62,000.
