The crypto market saw a massive outbreak in just one day, with liquidation data showing hundreds of thousands of traders were liquidated and market capitalization declined.
According to CoinGlass data from December 10, the market traDers have seen significant liquidations in a year, with $1.7 billion wiped out in a single trading day. At the time of writing, over $1.53 billion has been spent on long positions and $155 million on short positions.
The small-cap crypto leads liquidations with $564 million in 24 hours, dominated by long positions of $543 million and short positions of just $21 million. Half a million traders lost today.
Ethereum (ETH) is the next token that saw a major sell-off with $235 million – $214 million long and $21 million short. The token fell 7% from the day’s high of $3,686.
The Bitcoin (BTC) community also saw $182 million in liquidation, including $140 million in long positions and $42 million in short positions. Bitcoin fell below the psychological level of $100,000, or around $96,652 in one day.
Data shows that Binance saw giant liquidations with over $739 million, followed by OKX and Bybit with $422 million and $369 million, respectively. Ethereum-USDT on Binance represents the largest liquidation at $19.69 million.
Additionally, the market capitalization fell by 6.62% to $3.44 billion, while the market volume increased by 113% to $313 billion in one trading day.
Massive Crypto Liquidations in One Year
Today’s crypto liquidations are considered the highest in the past year or become the largest liquidations since 2021, after the market saw a meteoric rise in a few tokens, from BTC to XRP.
Last month, traders also saw a massive surge of around $500 million in several days, indicating new crypto entrants entering the market. There has been a growing trend of liquidations over the year.
