Bitcoin
Cryptocurrency Settlements Reach $160 Million Amid Market-Wide Turmoil
The cryptocurrency ecosystem is witnessing a surge in liquidations as the market weathers the correction.
According to data provided by Coinglass, total crypto liquidations reached $160.71 million in the last 24 hours. Most of the liquidations are long positions, worth about $127.53 million, as the market turns around.
Crypto Liquidations – May 30 | Source: Coinglass
The data shows that only $33.18 million worth of various cryptocurrencies were eliminated from short positions.
According to Coinglass, global crypto open interest has decreased by 2.95% in the last 24 hours – standing at $69.3 billion at the time of writing.
Binance, the largest cryptocurrency exchange by trading volume, tops the list with around $75.79 million in liquidations in the last day. OKX, Bybit, and Huobi are following Binance with $53.91 million, $14.23 million, and $11.32 million in liquidations, respectively.
Additionally, the amount of Ethereum (ETH) settlements reached US$27.81 million, surpassing those of Bitcoin (Bitcoin) US$20.36 million.
According to a May 23 crypto.news report, the ETH to BTC swap trader exposure rate increased due to Ethereum spot approval ETFs in the US Notably, prior to the approval of these investment products, permanent ETH holders had accumulated over 100,000 ETH tokens as of May 20.
Notcoin (NO) took third place with $6.2 million in liquidations in the last 24 hours, according to data from Coinglass. However, the amount of short NOT positions eliminated reaches $3.77 million, while around $2.43 million worth of long positions were liquidated. This is due to the 29% increase in the asset’s price.
The surge in liquidations comes as the global crypto market capitalization has declined 2% in the past 24 hours, falling from $2.7 trillion to $2.66 trillion, according to data by CoinGecko. Total daily trading volume is down 8%, currently hovering at $86 billion.
At this point, lower price volatility would be expected, at least for large cryptocurrencies, due to declining trading volume and open interest.