Crypto liquidations soar over $210 million, 85% from long positions

TLDR:

• Crypto liquidations cross $210m with longs accounting for 85%
• Market participants suffered a blow from recent market turmoil, with a 4% drop in Bitcoin price.

The cryptocurrency market has witnessed over $210 million worth of liquidations with long positions accounting for 85% of the total. This has led to a shift in sentiment from bullish to bearish as the market experiences a 4% drop in Bitcoin price. Data from Coinglass shows that long positions make up the majority of liquidations with $178.2 million, while short positions are at $32.05 million. The recent market instability is attributed to Bitcoin’s retreat from its recent peak of $67,183, causing a 3.2% decline and breaking the $64,000 threshold.

Despite the market downturn, there has been a surge in derivatives market volume, with trade volume increasing by 30% to reach $159 billion. The long/short ratio currently stands at 0.7832. While there have been significant liquidations in the market, the derivatives market has seen a resurgence in trade volume, indicating continued interest in cryptocurrency trading.