🩸Long position traders lost over $630M to liquidations in 24 hours.

This out of $711M total liquidation, with bulls massively dominating the losses during this market crash. Crazy stuff.

Interestingly, "Others" dominated the liquidations, beating $ETH and $BTC. If I had to guess, I would guess that this is caused mostly by AI-related tokens and memecoins.

Remembering that Binance and other markets recently listed Futures trading for AI cryptocurrencies like AI16Z, FARTCOIN, and ZEREBRO.

Coincidence? I don't think so.

These coins (highly experimental and primarily speculative) were far overbought, in my opinion, with people FOMOing into them.

What do you think?

Market clean-ups are needed for a more sustainable ecosystem.