The crypto market saw substantial liquidations over the past 24 hours. According to on-chain data, approximately 129,199 traders got liquidated, with cumulative liquidation losses reaching $694.33 million. This spike in liquidations typically reflects increased leverage positions being forced to close—often triggered by sudden price swings or broader market volatility. Such liquidation events are key indicators of market stress and trader positioning shifts, offering insights into current market sentiment and potential support/resistance levels for major trading pairs.