Crypto Liquidations Near $1 Billion as Longs Take the Majority of Losses
Crypto traders saw $942.1 million in leveraged positions liquidated over the past 24 hours, according to Coinglass data. Long positions accounted for $863.3 million, or 91.6% of the total.
The wipeout arrived as the broader market fell. Total crypto market capitalization dropped 4.96% in 24 hours to $2.76 trillion, per BeInCrypto Markets data.
Ethereum Longs Paid the Steepest Price in the Crypto Liquidation Sweep
Ethereum (ETH) dropped 5.31% over the past 24 hours to $2,373.87. That was the steepest decline among the five largest cryptocurrencies by market value. Bitcoin (BTC) fell 2.54% over the same period to $81,328.
The second largest cryptocurrency also topped the liquidation tally. Traders lost $283.1 million in ETH positions, and more than $261 million of that came from longs.
Bitcoin followed with $196 million in liquidations, of which roughly $176 million came from longs.
Crypto liquidations heatmap showing Ethereum and Bitcoin long liquidations over 24 hours. Source: Coinglass
Much of the selling hit in a short window. Coinglass recorded $489.4 million in liquidations over the most recent hour, more than half the 24-hour total.
Binance handled 53.7% of all liquidations. The exchange also hosted the largest single order, a $12.03 million BTCUSDT long closed at $80,208.96.
The losses also hit contracts tied to traditional assets. Traders on crypto exchanges saw $22.1 million in silver (XAG) and $13.3 million in gold (XAU) positions liquidated.
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Seoul and Tokyo Bled Alongside Crypto as Chip Stocks Cracked
The sell-off extended to Asian equities on Thursday. South Korea’s KOSPI fell 7.85% to 5,537.15 by late morning. Japan’s Nikkei 225 dropped 4.81% to 64,489.06.
Nikkei 225 Intraday Chart. Source: Google Finance
Semiconductor shares led the decline in both markets. The slide traced back to Wednesday’s hotter-than-expected US inflation report. The Consumer Price Index (CPI) rose 3.7% in the 12 months through September, BeInCrypto reported.
That marked an increase from 3.4% in August. Core CPI, which excludes food and energy, climbed to 2.6% from 2.4%. Thursday’s losses added to pressure that hit Asian markets earlier this week.
The Federal Reserve meets next on October 27 and 28. That decision will show whether September’s inflation jump is enough to justify another rate hike.
Traders are not pricing one in, however, with CME FedWatch data showing a 24.9% chance of an October hike.
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