Liquidations in the cryptocurrency market hit 160 million due to widespread market volatility

The cryptocurrency world is seeing a surge in liquidations as the market goes through a correction. Coinglass data reveals that total crypto liquidations have hit $160.71 million in the last 24 hours, with the majority coming from long positions totaling around $127.53 million.
In contrast, only $33.18 million worth of various cryptocurrencies have been liquidated from short positions. Coinglass also reports that global crypto open interest has decreased by 2.95% in the past day, currently standing at $69.3 billion.
Leading the pack in liquidations over the past day is Binance, the largest crypto exchange by trading volume, with approximately $75.79 million. Following closely behind are OKX, Bybit, and Huobi with $53.91 million, $14.23 million, and $11.32 million in liquidations, respectively.
Ethereum (ETH) has seen liquidations totaling $27.81 million, outshining Bitcoin (BTC) which has $20.36 million in liquidations. A recent report from crypto.news on May 23 highlighted an increase in the ETH to BTC trader exposure ratio following the approval of spot Ethereum ETFs in the U.S. Prior to this approval, long-term ETH holders had accumulated over 100,000 ETH tokens on May 20.
Notcoin (NOT) has claimed the third spot in liquidations with $6.2 million in the past day, according to Coinglass data. However, short NOT positions worth $3.77 million have been liquidated, along with approximately $2.43 million from long positions, attributed to a 29% price increase of the asset.
These increased liquidations coincide with a 2% decrease in global crypto market capitalization in the last 24 hours, dropping from $2.7 trillion to $2.66 trillion, as reported by CoinGecko. Daily trading volume has also fallen by 8%, currently at $86 billion.
With declining trading volume and open interest, it’s likely that we will see lower price volatility, especially for major cryptocurrencies.