Closeouts Rise As Crypto Market Corrects

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Source: iStock / Yevheniia Hordieieva

After seeing higher prices in all areas earlier today, the crypto market turned south on Tuesday from around 8 UTC.

As of 9:50 a.m. UTC, the number one cryptocurrency bitcoin (BTC) was down more than 1% in one day, trading just below the $ 51,000 mark, while Ethereum (ETH) had dropped 5% to trade at just over $ 3,700. .

The sudden drop in prices appears to have taken crypto derivatives traders by surprise, with a marked increase in “long” liquidations of all cryptoassets seen on the exchanges. Long liquidations reached over $ 200 million at 10 a.m. UTC, marking a large increase from just $ 38 million an hour earlier, according to Bybt data.

According to data from the same site, nearly half of all the liquidations seen in the past hour were from the Bybit derivatives exchange, followed by Binance with 30% of the liquidations. Of all the assets traded, ETH has been hit the hardest in the past hour, with nearly $ 35 million liquidated in the hour.

ETH-led sell-off comes just hours after new all-time highs of open interest in ETH futures were announced, with notorious crypto influencer Lark Davis calling the ETH market a “mega bullish” and long in a serious way “.

____Learn more: – ETH decouples from BTC with use cases and competition in brief

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