Crypto traders saw $942.1 million in leveraged positions liquidated over the past 24 hours, according to Coinglass data. Long positions accounted for $863.3 million, or 91.6% of the total.
The wipeout arrived as the broader market fell. Total crypto market capitalization dropped 4.96% in 24 hours to $2.76 trillion, per BeInCrypto Markets data.
Ethereum Longs Paid the Steepest Price in the Crypto Liquidation Sweep
Ethereum (ETH) dropped 5.31% over the past 24 hours to $2,373.87. That was the steepest decline among the five largest cryptocurrencies by market value. Bitcoin (BTC) fell 2.54% over the same period to $81,328.
The second largest cryptocurrency also topped the liquidation tally. Traders lost $283.1 million in ETH positions, and more than $261 million of that came from longs.
Bitcoin followed with $196 million in liquidations, of which roughly $176 million came from longs.
Crypto liquidations heatmap showing Ethereum and Bitcoin long liquidations over 24 hours. Source: Coinglass
Much of the selling hit in a short window. Coinglass recorded $489.4 million in liquidations over the most recent hour, more than half the 24-hour total.
Binance handled 53.7% of all liquidations. The exchange also hosted the largest single order, a $12.03 million BTCUSDT long closed at $80,208.96.
The losses also hit contracts tied to traditional assets. Traders on crypto exchanges saw $22.1 million in silver (XAG) and $13.3 million in gold (XAU) positions liquidated.
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Seoul and Tokyo Bled Alongside Crypto as Chip Stocks Cracked
The sell-off extended to Asian equities on Thursday. South Korea’s KOSPI fell 7.85% to 5,537.15 by late morning. Japan’s Nikkei 225 dropped 4.81% to 64,489.06.
Nikkei 225 Intraday Chart. Source: Google Finance
Semiconductor shares led the decline in both markets. The slide traced back to Wednesday’s hotter-than-expected US inflation report. The Consumer Price Index (CPI) rose 3.7% in the 12 months through September, BeInCrypto reported .
That marked an increase from 3.4% in August. Core CPI, which excludes food and energy, climbed to 2.6% from 2.4%. Thursday’s losses added to pressure that hit Asian markets earlier this week .
The Federal Reserve meets next on October 27 and 28. That decision will show whether September’s inflation jump is enough to justify another rate hike .
Traders are not pricing one in, however, with CME FedWatch data showing a 24.9% chance of an October hike.
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The post Crypto Liquidations Near $1 Billion as Longs Take the Majority of Losses appeared first on BeInCrypto .
