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Yesterday, the market was a bit shaky. Over the past 24 hours, a total of $173 million in cryptocurrency futures were liquidated. This is a normal level, but the problem is that most of them were long positions. Long liquidations amounted to about $113 million, while shorts were around $60 million.
Bitcoin liquidations alone reached about $45 million, and Ethereum saw approximately $33 million liquidated. Bitcoin was the main driver of the liquidations. If this kind of Bitcoin liquidation continues, I think the market could see some correction in the short term.
Why are there so many long position liquidations these days? Anyway, the large scale of Bitcoin liquidations could mean that the market is moving in one direction. We’ll have to see what happens next.