Data shows the cryptocurrency derivatives market has suffered a high amount of liquidations in the past day as Bitcoin and other assets have crashed.
Bitcoin, Ethereum Saw Notable Plunges During Past Day
The last 24 hours have been red for digital assets, with a bulk of the market observing a drawdown of more than 5%. Bitcoin has been no exception, as its price has slipped under the $95,000 level.
It was only a couple of days back that the asset had shown a sharp recovery above the $102,000 mark. The steep crash since then suggests that investors didn’t believe the rally would have legs, prompting them to take profits while they could.
Ethereum, the second largest cryptocurrency by market cap, has had it even worse than Bitcoin, with its price coming down to $3,350 after a drop of almost 8% during the past day.
With its plunge, Ethereum has basically retraced all the bullish momentum that had come with the start of the year 2025. Bitcoin still retains some of its gains, but if the current trajectory persists, it wouldn’t be long before it meets the same fate.
In light of the carnage witnessed in the digital asset sector, it is anticipated that the derivatives side of the market has also been through considerable chaos.
Crypto Longs Have Just Taken A Massive Beating
According to data from CoinGlass, a substantial number of liquidations have piled up on derivatives exchanges during the past day. “Liquidation” refers to the forced closure of any open contract that accumulates losses of a certain degree (the exact percentage may differ between platforms).
Below is a table that breaks down the relevant numbers related to the latest cryptocurrency liquidations.
As is evident, a total of $689 million in contracts have been flushed in the last 24 hours. Out of these, over $609 million of the positions involved were long, indicating that an overwhelming 88% of the liquidations affected traders betting on a bullish outcome for the market.
Given the crash that the cryptocurrency sector has undergone during this timeframe, it is not unexpected to see this disparity between long and short liquidations.
In terms of the contributions to the squeeze by individual symbols, interestingly, Bitcoin has not topped the charts this time around. Instead, Ethereum has led the pack with almost $152 million in liquidations.
The more significant drawdown for Ethereum compared to Bitcoin contributes to this outcome, but it may not be the sole factor. It is possible that this trend indicates a particularly pronounced speculative interest surrounding ETH in recent times.
