Ethereum (ETH) Becomes Most Liquidated Coin Over Past 12 Hours

Investors woke up to an unusually bearish turn on the crypto markets forcing unprecedented liquidations across most of the top digital currencies. According to data from Coinglass, a total of $45.89 million in liquidations has been recorded over the past 12 hours and more than $73 million in the past 24 hours from more than 28,300 traders.

The liquidation of a crypto position is a complex but hard-to-determine market action that can happen at any point on the market. When the market is experiencing a bullish turn, short sellers get liquidated while long traders get liquidated when the market is in a downturn as it is today.

As seen on Coinglass, Ethereum (ETH) is the most liquidated digital currency over the past 12 hours with approximately 12.86K ETH coins, worth a total of $15.36 million liquidated. Bitcoin (BTC), whose liquidation data is the most prominently published, trails closely behind with a total of 354.73 BTC worth $5.91 million liquidated within the same time frame.

Other tokens that make up the top five of the most liquidated coins include Dogecoin (DOGE), Solana (SOL) and, surprisingly, Aptos (APT) tokens.

How exchanges fared

The liquidation data showed that the largest single liquidation happened on the BitMEX cryptocurrency trading platform, which recorded a value of $840.83K. Top exchanges that suffered immense liquidations include OKX, Binance, Bybit, CoinEx and Huobi Global.

With OKX liquidations worth $21.66 million over the past 12 hours, a position that was 98.11% dominated by long positions, short traders dominated liquidations on Bitfinex. Liquidations are a yardstick to gauge price performance over time, and the more funds that are taken from the market, the less likely traders might be willing to commit more funds in practice.

This is where market dynamics set in, as a liquidation-fueled price slump can also serve as a springboard for investors to take a new position in the desired coins.