In a notable shift, Ethereum (ETH) has overtaken Bitcoin (BTC) in liquidations for the second time in the past week, indicating intensified market volatility.
Coinglass data reveals that global crypto liquidations amounted to $195.11 million in the last 24 hours, with ETH leading the pack at $64.75 million, comprising $57.18 million in long positions and $7.57 million in shorts. Meanwhile, BTC trails with $46.74 million in liquidations, split between $32.85 million in longs and $13.89 million in shorts.
These liquidations coincide with a broader market correction, as the total crypto market capitalization dipped from $2.53 trillion to $2.46 trillion within the same period.
This marks the second occasion within a week where ETH liquidations have surpassed BTC’s. On May 1, ETH recorded $91.76 million in liquidations compared to BTC’s $68.51 million.
Moreover, Coinglass data indicates a 2.12% decline in total crypto open interest over the past 24 hours, now standing at $57.17 billion.
Santiment data further illustrates the downturn, with BTC’s total open interest falling from $10.45 billion to $10.21 billion. Concurrently, Bitcoin’s price experienced a 1.5% decrease, currently trading at $64,200.
Meanwhile, ETH’s open interest dropped by 1.7% to $4.89 billion, accompanied by a 2.7% decline in price, with Ethereum trading at $3,110.
The decrease in global cryptocurrency open interest typically suggests reduced price volatility for major digital assets. However, the current trend highlights ongoing market uncertainty and the potential for continued fluctuations in the near term.
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