Crypto Bloodbath: $312 Million in Futures Liquidated, Bitcoin and Ethereum Hit Hard

IconCryptoNewsTerminal Staff01 Aug, 2024

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Crypto Bloodbath: $312 Million in Futures Liquidated, Bitcoin and Ethereum Hit Hard

Approximately $312 million worth of crypto futures positions were liquidated in the past 24 hours, marking a significant downturn in the cryptocurrency market. The liquidations were primarily concentrated in Bitcoin and Ethereum positions, indicating uncertainty among traders. Binance emerged as the platform with the most liquidations, followed by OKX and Bybit. This suggests that a large portion of the liquidations occurred on major cryptocurrency exchanges. The heavy liquidations in long positions, accounting for over 92% of the total, reflect traders' fear of a further market decline. The overall sentiment in the market appears to be bearish, with liquidations continuing to add pressure on cryptocurrency prices. This latest round of liquidations underscores the volatility and risk associated with cryptocurrency futures trading. Traders are advised to exercise caution and manage their risk exposure carefully in these uncertain market conditions.

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