In the past 24 hours, over $7,000 in total forced liquidations occurred in the cryptocurrency futures market.

The recent cryptocurrency market has experienced rapid volatility, leading to a large-scale liquidation event. According to PANews report citing CoinAnk data, a total of $84.225 million in cryptocurrency futures contracts across the entire network were liquidated in the past 24 hours.

Long Position Liquidations Lead the Way

The most notable aspect of this liquidation event is that long position holders suffered greater losses than short position holders. The liquidation amount for long positions reached $50.949 million, accounting for approximately 60% of the total liquidations. In contrast, short position liquidations amounted to $33.276 million. This result suggests that investors who took buy positions during the bullish market are more vulnerable during the sharp decline.

BTC and ETH: The Focus of Futures Market Liquidations

Bitcoin and Ethereum were at the center of this liquidation event. Bitcoin(BTC) saw total liquidations of $3.467 million, while Ethereum(ETH) experienced even larger liquidations of $9.446 million. Notably, Bitcoin, which was liquidated around the $7,000 level, maintained a relatively stable liquidation scale among major cryptocurrencies.

This indicates that market participants are still adjusting their positions in major coins despite the volatility. The fact that ETH’s liquidation amount is nearly three times that of BTC reflects the high volatility in the altcoin futures market.