$138 Million Wiped out From Crypto Market – What’s Next?

As a seasoned researcher with over two decades of experience in the volatile world of finance and markets, I can tell you that the recent trend in the crypto market is reminiscent of a rollercoaster ride. The massive liquidation wave and the bearish sentiment are not unfamiliar to me – I’ve seen it before, albeit not always on such an unprecedented scale.


It seems that cryptocurrencies are once again attracting bears, and there’s a slight increase in pessimism. In the past day, we’ve witnessed a significant wave of liquidations totaling around $138 million. This recent development underscores the persistent volatility affecting digital currencies, affecting countless traders on various crypto platforms.

As reported by CoinGlass, the recent market crash led to approximately 54,568 traders being forced to sell their positions. Out of this total, about $30 million was from short liquidations and a staggering $108 million came from long liquidations. The biggest single liquidation order took place on the OKX crypto exchange, concerning an ETH-USD-SWAP position worth around 2 million USD.

Current market sentiment

Analyzing the breakdown of liquidations among significant exchanges, Binance emerged as the top player with a total of approximately $20.35 million in liquidated trades. OKX came in second place with around $10.62 million. Other platforms such as HTX and Bybit reported about $6.09 million and $1.73 million in liquidations, respectively. It’s worth mentioning that most of these liquidations stemmed from long positions, implying a predominantly bearish sentiment in the market.

Regarding market behavior, significant assets have displayed varied outcomes, initiating a pattern of holding steady instead of rising or falling. Bitcoin (BTC) is presently being traded at $66,619, experiencing a minimal dip of 1.22% in the last day. Ethereum (ETH), on the other hand, is being sold at $2,574, showing a more significant drop of 2.34%. This has led to ongoing tension in the market value as extensive sell-offs occur, causing worry about the potential for future price consistency.

Experts foresee multiple scenarios for the overall market. Initially, a high volume of liquidations might cause market volatility, particularly if pessimistic views persist. This could intensify market turbulence, possibly pushing prices lower. However, some analysts propose that the market may enter a corrective period, which might present investment chances for astute investors.

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2024-10-23 18:30