According to data provided by cryptocurrency analytics CoinGlass, $495 million worth of crypto has been liquidated over the past 24 hours.
Long positions account for the vast majority of these liquidations ($382.7 million).
Overall, 197,083 traders were liquidated over the past 24 hours, with the largest liquidation taking place on Binance ($13.24 million).
Binance, OKX, and HTX are in the lead when it comes to the amount of liquidated crypto.
The latest string of liquidations amid a significant market correction.
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XRP plunged by more than 10% earlier this Sunday before paring some losses. It is still up by nearly 30% over the past week.
Bitcoin, the leading cryptocurrency by market cap, also plunged to the $95,000 level after failing to touch $100,000 on Friday.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz recently warned that corrections were “inevitable” due to high leverage. However, he is convinced that Bitcoin will eventually reclaim $100,000.
Meanwhile, whales are still accumulating Bitcoin following the recent price dip. As noted by the firm, six new wallets withdrew 1,110 BTC from the Binance exchange in just hours.
“While you’re selling, someone else is buying. Take a moment to think—are you smarter than those accumulating thousands, or even tens of thousands, of Bitcoin in custodial wallets?” CryptoQuant Ki Young Ju said in a recent social media post.
Even though many market analysts are sounding the alarm about Bitcoin being overbought, Matthew Sigel, head of digital asset research at VanEck, recently pointed out that this was also the case during previous market cycles.
“You’re right that Bitcoin is currently 28% above its 50-day moving average, and that’s high. But in prior cycles we routinely hit 40%+ and stayed there,” he said in a recent social media post.
