The cryptocurrency derivatives market has experienced a surge in liquidations in the recent past as Bitcoin and other digital assets have taken a hit.
Bitcoin and Ethereum Witness Significant Drops
The past 24 hours have been tumultuous for cryptocurrency investors, with many assets plunging by over 5%. Bitcoin’s price has dipped below $95,000, signaling a bearish trend.
Just days ago, Bitcoin had seen a rapid recovery above $102,000. However, the recent sharp decline suggests that investors were hesitant about the rally’s sustainability, leading them to cash out.
On the other hand, Ethereum, the second-largest cryptocurrency by market cap, has experienced an even steeper decline, dropping nearly 8% to $3,350.
Following its plummet, Ethereum has retraced all the gains made at the beginning of 2025. While Bitcoin still holds some of its recent gains, it may not be long before it follows a similar downward trajectory.
Given the market turmoil in the crypto space, it’s not surprising that the derivatives market has also experienced significant upheaval.
Massive Liquidations Hit Crypto Longs
According to data from CoinGlass, a substantial number of liquidations have occurred on derivatives exchanges in the past 24 hours. “Liquidation” refers to the forced closure of an open contract after it incurs significant losses.
Below is a table detailing the recent cryptocurrency liquidation figures.
In total, $689 million worth of contracts were liquidated, with over $609 million coming from long positions. This indicates that 88% of the liquidations affected traders betting on a bullish market outcome.
Given the recent crypto downturn, the dominance of long liquidations over short ones is not unexpected.
Interestingly, Ethereum led the way in terms of individual liquidation amounts, totaling nearly $152 million, surpassing Bitcoin’s figures.
Ethereum’s substantial decline compared to Bitcoin may have contributed to this trend, suggesting heightened speculative interest in ETH recently.
The post Bitcoin and Ethereum Prices Plummet, Resulting in Nearly $690 Million in Crypto Liquidations appeared first on Crypto Breaking News.
