Almost $1B Worth of Crypto Liquidated in the Past 24 Hours

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The crypto market experienced significant liquidations, totaling around $930.77 million, or about ₱52.7 billion, in the past 24 hours amid a crypto flash crash.

• $ETH led the liquidations, recording $318.77 million, 88% of which (around $279 million) were from long traders.
• $BTC, on the other hand, recorded a $255.04 million in liquidation.
• Among meme-coins, $DOGE led with $23.38  million in liquidations, followed by $FARTCOIN at $7.08 million, and $1000PEPE at $6.04 million.
• In the past 24 hours, the majority of the biggest liquidations are from Altcoins, with $SOL topping the list at $53.80 million, followed by $XRP with $22.02 million and $LINK with $12.85 million.
  • Altcoins including $ADA, $ENA, and $SUI also saw liquidations, totaling $10.96 million, $7.47 million, and $7.14 million, respectively.

Liquidation Breakdown in the Last 24 Hrs

• Total Traders Affected: 204,222
• Largest Single Liquidation: $39.24 million $BTC-$USDT trade on crypto exchange HTX
• Long Positions: $819.66 million in liquidations
• Short Positions: $111.70 million in liquidations

Exchanges’ Impact

• Bybit: $314.41 million (93.24% long positions)
• Binance: $238.82 million (86.51% long positions)
• Gate.io: $121.25 million (92.2% long positions)
• OKX: $115.26 million (87.64% long positions)
• HTX: $77.12 million (95.2% long positions)
• Bitfinex: $32.67 million (83.43% short positions)
• Hyperliquid: $18.53 million (83.86 long positions)
• CoinEx: $16.39 million (91.26% long positions)
• Bitmex: $2.07 million (99.75% long positions)

Bitcoin Whale Sell-Off Triggers Liquidations

Bitcoin dropped below $110,000 on Monday after a whale sold 24,000 BTC worth $2.7 billion, sparking a flash crash and widespread liquidations across the market.

The sell-off erased gains from last week’s dovish signals by U.S. Federal Reserve Chair Jerome Powell and intensified concerns over thinning liquidity. Altcoins including Solana, XRP, and Dogecoin also suffered steep declines, with some tokens posting double-digit losses.

Despite Ethereum reaching a record high near $5,000 over the weekend, it fell sharply to around $4,350 amid the market rout.

Analysts said the volatility underscored growing institutional rotation into ether but warned that macroeconomic uncertainty and historically weak September trading patterns could pressure prices further.

Possible Dead-Cat Bounce

In another report, analysts noted that another possible factor behind the market crash is that the recent rally may have been a dead-cat bounce, a brief rebound in a declining asset, often seen as a bullish trap before prices continue their downtrend.

Technical charts show Bitcoin forming multiple bearish patterns, including a rising wedge on the weekly chart and a double top near $123,500. 

Indicators such as the RSI and MACD have also turned negative, reinforcing concerns of a potential bearish breakout.

BTC and ETH Current Value

Bitcoin

Last Friday, Bitcoin jumped more than 4% to $117,300 after Federal Reserve Chair Jerome Powell signaled a possible September interest rate cut at the Jackson Hole Symposium. The rally triggered $379.88 million in short liquidations, with Ether contributing nearly half at $193 million as it surged to $4,760.

Currently, the leading cryptocurrency is valued at $109,982, a 3.2% decrease in the last 24 hours.

Locally, a bill filed in the Philippine Congress seeks to establish a government-managed Bitcoin Strategic Reserve, requiring the Bangko Sentral ng Pilipinas to purchase 2,000 BTC annually over five years. If approved, the Philippines would be the first country in Asia to legislate a state-run Bitcoin reserve.

Etherereum

Ethereum recently climbed to a new all-time high over the weekend, reaching $4,948 on Sunday. The surge came just days after ETH broke its previous record of $4,878 set in November 2021, fueled by Federal Reserve signals of possible rate cuts.

The rally was noted to be supported by strong inflows into U.S. spot Ethereum ETFs, which recently logged over $1 billion in a single day, outpacing Bitcoin funds. Corporate treasuries have also accumulated billions in ETH, while regulatory clarity on staking and stablecoins under the Trump administration has added further momentum.

ETH is currently trading at $4,442.85, down 7.2% over the past 24 hours but still up 3.1% on the week.

This article is published on BitPinas: Almost $1B Worth of Crypto Liquidated in the Past 24 Hours

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