Despite the large-scale liquidations and extreme volatility, the Crypto Fear and Greed Index remains in the extreme greed zone at 78.
Source: cryptoslate
Compiled by: Blockchain Knight
As BTC experiences another flash crash, the Crypto asset market has undergone a series of liquidations in the past 24 hours, totaling $1.52 billion.
According to data from Coinglass, the majority of positions were long, with the entire market liquidating $1.39 billion, while short liquidations accounted for $137 million.
This marks the second consecutive week of extreme volatility in the market, with all Crypto assets outside of BTC being significantly impacted.
In just the past hour, over $759 million in liquidations occurred, highlighting the speed and scale of the sell-off.
According to CryptoSlate data, the price of BTC sharply dropped to an intraday low of $94,129, before partially recovering. As of now, it is trading at around $97,000.
The sudden drop in BTC triggered $83.99 million in position liquidations over the past four hours, with long traders making up the majority.
The liquidation of leveraged positions further increased downward pressure, exacerbating losses across the market.
Ethereum was hit hardest, with $134.5 million liquidated in just the past four hours.
The asset's price fell to $3,510, sharply declining from recent highs, and has only recently recovered to the $3,700 level.
Dogecoin also saw significant liquidations, with $51.55 million cleared as the token struggled to maintain above key support levels, dropping to an intraday low of $0.38, and has since recovered to $0.422.
The tokens with the largest losses include SOL and XRP, with the former liquidating $33.61 million and the latter $33.78 million.
These two tokens fell to $203 and $2.01, respectively, and have since rebounded to $220 and $2.26 due to buyer intervention.
ADA is also under significant pressure, breaking below a key psychological level to $0.91. As of now, it is still hovering around the $1 mark.
Over-leveraged positions, weak sentiment, and a plethora of stop-loss orders have collectively driven the rapid sell-off.
Binance had the largest liquidation volume, with a total of $417.65 million liquidated in the past four hours.
OKX followed closely with $224.76 million, while Bybit had $207.16 million in positions cleared.
The most significant single liquidation event occurred on Binance's ETHUSDT trading pair, totaling $19.69 million.
Despite the large-scale liquidations and extreme volatility, the Crypto Fear and Greed Index remains in the extreme greed zone at 78.
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