In a newly updated tally, over $1.1 billion in assets have been liquidated from the cryptocurrency market in the past 24 hours. This is an uptick from the earlier total Tuesday of $715 million. As the overall cryptocurrency market is 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.
Over $1 Billion Cryptocurrency Liquidated: The Breakdown
According to the latest data from Coinglass, in the past 24 hours, 318,221 cryptocurrency traders were liquidated for over $1.19B. Bitcoin is the leading asset that’s been liquidated by far, with traders cashing in on over $340M in BTC. Ethereum follows not far after at over $202.44M in ETH. Coinglass data also reveals that the largest single liquidation order happened on Bitmex. On the Bitmex exchange, one trader liquidated LINKUSD value at $11.35M.
Also Read: 3 Reasons Why Investors Are Betting on Bitcoin & Not the US Dollar
The most liquidations in terms of value within that $1.19B+ were on the Binance exchange, with $467.42M 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. The steep rise compared to just hours earlier shows that traders may believe the market has hit its peak.
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.