Ethereum (ETH) has surpassed Bitcoin (BTC) in terms of liquidations for the second time in the last seven days, as reported by Coinglass.
Global cryptocurrency liquidations reached $195.11 million in the past 24 hours, with ETH leading the way at $64.75 million — $57.18 million from long positions and $7.57 million from short positions. Bitcoin followed with $46.74 million in liquidations, split between $32.85 million from long positions and $13.89 million from short positions.
The surge in long-position liquidations coincides with a correction in the global cryptocurrency market, which saw the total market capitalization drop from $2.53 trillion to $2.46 trillion in the last day.
This marks the second time this week that Ethereum’s liquidations have exceeded Bitcoin’s. On May 1, ETH recorded $91.76 million in liquidations compared to BTC’s $68.51 million.
In addition, total crypto open interest decreased by 2.12% in the past day, now standing at $57.17 billion according to Coinglass data. Santiment data shows that BTC’s total open interest fell from $10.45 billion to $10.21 billion in the last 24 hours, along with a 1.5% decrease in Bitcoin’s price to $64,200.
ETH’s open interest also saw a 1.7% decline to $4.89 billion, while Ethereum’s price dropped by 2.7% to $3,110.
As global cryptocurrency open interest falls, lower price volatility is expected for the top digital assets.
Michael Saylor has expressed concerns that Ethereum and other altcoins could be considered unregistered crypto securities.