Trader lost $11m in ETH, total liquidations surpassed $220m

The crypto market has recorded a significant downward trend over the past day, which has brought about increased liquidations.

According to data provided by CoinGecko, global crypto market capitalization fell by 3% in the last 24 hours, falling from $2.31 trillion to $2.27 trillion. This represents a decrease of approximately $40 billion.

However, daily transaction volume increased by 50%, reaching $99.5 billion.

Most of the leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), were down. BTC is currently trading at $62,400 and ETH is trading close to $2,400.

According to Coinglass data, the market-wide decline brought about a liquidation of $220 million. More than 69 percent of liquidations worth $153 million belonged to long positions.

Crypto liquidations map – October 8 | Source: Coinglass

Data shows Bitcoin tops the list with $58.6 million in liquidations, including $35.1 long and $23.4 million short. Ethereum is hovering near $50.6 million in liquidated trading positions; Long $42.8 million and short $7.8 million.

Binance alone has liquidations of $105 million, followed by OKX with $74 million.

According to Coinglass data, the largest single liquidation in the ETH/USDT pair, worth $10.97 million, took place on Binance.

Following mass liquidations, total cryptocurrency open interest decreased by 2% and currently stands at $60.9 billion.

Generally, a decreasing open interest results in lower price volatility due to the reduced amount of expected liquidation.