As expected, the bearish start in September has brought an increased amount of liquidation to the cryptocurrency market.
According to data provided by Coinglass, the total amount of crypto liquidations increased by 176% in the past 24 hours and is currently sitting at $155 million. Most of the liquidations came from Bitcoin (BTC), worth $45.6 million — $36.7 million longs and $8.9 million shorts.
Ethereum (ETH) witnessed $39.7 million in liquidations — $32.2 million longs and $7.5 million shorts — per data from Coinglass.
The increased liquidations come as the global cryptocurrency market capitalization dropped by 2.7% over the past day, currently hovering at $2.1 trillion, according to CoinGecko data. N
BTC slipped by 1.5% in the past 24 hours and is trading at $57,500 at the time of writing. ETH recorded a 2% drop and is currently changing hands at $2,440.
Data from Coinglass shows that the largest single liquidation order, worth $10 million in the BTC/USDT pair, happened on Binance, the leading cryptocurrency exchange by trading volume.
Binance saw a total of $74.5 million in liquidations, followed by OKX’s $49.9 million.
According to Coinglass, bears have usually been dominant in September with the Bitcoin price seeing negative momentum in eight of the last 11 years. On average, BTC declined by 4.53% over the past 11 years in September.
Notably, the Bitcoin price witnessed bearish momentum in the third quarter of the past two years. Per Coinglass, BTC declined by 2.5% and 11.5% in Q3 2022 and 2023, respectively.
It’s still important to keep an eye on macroeconomic events which could potentially change the market direction.
