According to records, $715 million in assets have been liquidated from the cryptocurrency market in the past 24 hours. As many cryptocurrencies are in the green and surging, investors appear to be cashing in on their assets while they’re ahead.
The overall sentiment of cryptocurrency in the market has been very bullish in the past month due to multiple factors. Most notably, the Bitcoin halving expected to come in March is boosting the value of Bitcoin to near all-time highs. Hence, the surge of BTC is pumping up the price of many altcoins and other leading cryptocurrencies.
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Over $700M in Cryptocurrency Now Liquid, Who Leads The Pack?
According to the latest data from Coinglass, in the past 24 hours, 192,451 traders were liquidated. Bitcoin is the leading asset that’s been liquidated by far, with traders cashing in on over $226M in BTC. Ethereum follows not far after at over $127M in ETH. Coinglass data also reveals that the largest single liquidation order happened on Binance. On the Binance exchange, one trader liquidated BTCUSDT value at $8.23M.
The most liquidations in terms of value within that $700M+ was on the Binance exchange, with $297.70M being liquidated. New meme coins, such as FLOKI, WIF, and PEPE, are also being liquidated, with traders who bought in early cashing in on those assets.
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It is important to remember that despite many of these coins not yet reaching their ATHs, including ETH and SHIB, the surge in cryptocurrency may not be over yet. The liquidation surge could mean that cryptocurrency traders expect a downturn soon. However, BTC and other coins may creep up just a bit higher, especially as the halving approaches. It will be interesting to see how many more liquidations come this week as cryptocurrency continues to surge.