Crypto liquidations reach $292m, global market cap falls 3.6%

As the global cryptocurrency market cap fell below $2.5 trillion, a massive increase in crypto liquidations was seen.

According to data provided by Coinglass, total crypto liquidations increased by 92.5% in the last 24 hours, reaching $292.22 million. Due to the overall market decline, approximately 89% of the total amount, or $259.7 million, belongs to long positions.

Crypto liquidation map – July 25 | Source: Coinglass

The remaining $32.5 million was converted into cash by short position holders.

According to Coinglass, Ethereum (ETH) has the largest allocation, with liquidations worth $101.6 million — $97.5 million in long positions and $4.1 million in short positions. Bitcoin (BTC) came in second with liquidations worth $83.3 million in the last day — $71.5 million in long positions and $11.7 million in short positions.

According to Coinglass data, the largest liquidation occurred on Binance, the largest cryptocurrency exchange in terms of trading volume. The trading volume on the BTC/USDT trading pair was $11.78 million.

The increased liquidation comes as the global crypto market capitalization has fallen by 3.6% in the past 24 hours — from $2.5 trillion to $2.42 trillion, according to data from CoinGecko. Notably, the total crypto market capitalization briefly reached a local peak of $2.55 trillion at 15:00 UTC on July 24.

Additionally, Bitcoin reached a daily high of $67,110 on Wednesday, July 24, before falling to levels close to $64,100. Ethereum is currently among the biggest losers in the past 24 hours with a price drop of 8.1%. ETH is trading at $3,160 at press time.

Ethereum’s decline comes after spot ETH ETFs in the US recorded net outflows of $133.3 million on the second day of trading on July 24.

Following the increased liquidations, total open interest in the crypto market has decreased by 4% and currently sits around $63.6 billion, according to Coinglass. At this point, lower market-wide volatility can be expected with the lower amount of incoming liquidation.