Cryptocurrency Market Sees Increased Liquidations Amid Correction: Coinglass Data

The cryptocurrency market is experiencing a wave of liquidations as it weathers a correction, with Coinglass data showing a total of $160.71 million liquidated in the past 24 hours. The majority of these liquidations are long positions, totaling $127.53 million, while only $33.18 million worth of short positions have been purged.

Global crypto open interest has decreased by 2.95% to $69.3 billion, with Binance leading the list of exchanges with $75.79 million in liquidations. Ethereum has surpassed Bitcoin in liquidations, with $27.81 million compared to $20.36 million.

The recent approval of spot Ethereum ETFs in the U.S. has led to an increase in the ETH to BTC trader exposure ratio, with permanent ETH holders accumulating over 100,000 ETH tokens on May 20. Notcoin has also seen a significant amount of liquidations, with $6.2 million in the past 24 hours due to a 29% price rally.

As the global crypto market capitalization declined by 2% to $2.66 trillion and daily trading volume dropped by 8% to $86 billion, lower price volatility is expected in the near future. Stay tuned for more updates on the cryptocurrency ecosystem as it navigates through this correction.