Cryptocurrency liquidations have surged to $292 million as the global market cap declines by 3.6%.

The global cryptocurrency market cap fell below $2.5 trillion, causing a sharp increase in liquidations.

Data from Coinglass shows that liquidations surged by 92.5% in the past 24 hours, reaching $292.22 million.

Long positions accounted for the majority, with $259.7 million liquidated, while short positions saw $32.5 million in liquidations.

Ethereum (ETH) led in liquidations with $101.6 million, followed by Bitcoin (BTC) at $83.3 million.

The largest liquidation, valued at $11.78 million, occurred on Binance in the BTC/USDT trading pair.

CoinGecko data indicates the global crypto market cap dropped 3.6% over the past 24 hours, from $2.5 trillion to $2.42 trillion.

Bitcoin's price fell from an intraday high of $67,110 to around $64,100, and Ethereum's price dropped 8.1% to $3,160.

The decline in Ethereum followed a net outflow of $133.3 million from U.S. spot ETH ETFs on July 24.

Overall, the total open interest in the cryptocurrency market decreased by 4%, currently standing at $63.6 billion.

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