Over $41 Million Of Ethereum Longs Liquidated, Reaching A New 4-Week High

0 10

Over $41 million of ETH long positions have been liquidated as Ethereum prices flash crash from their April peaks, Coinglass data on April 19 reveals.

Ethereum Remains Volatile

ETH, the native cryptocurrency of the Ethereum network, is under immense pressure when writing. Although the uptrend remains, and the coin has generally posted impressive results over the last four months, the price drop today has led to the biggest liquidation of ETH long positions in over one month.

According to Coinglass data, ETH long positions were also wrecked on March 22 when over $31 million were forcefully closed. On average, less than $10 million of ETH longs have been closed on other trading days in the last month. 

ETH Total Liquidations

knife

The magnitude of long or short liquidation can be used to measure general volatility in the market. Volatility indicates how fast or slow an asset price moves within a given period. 

Depending on the general liquidity, asset prices can move at different paces. In crypto, the most liquid assets, like Bitcoin and Ethereum, are usually less volatile than altcoins, for example, those outside the top 50.

$41 Million Of ETH Longs Liquidated

From the $41 million ETH longs liquidated, a big chunk is in OKX and Binance. These are some of the world’s largest cryptocurrency exchanges that support the derivatives trading of crypto assets. 

By supporting margin, perpetual futures, and other derivatives, OKX and Binance traders can use leverage to trade bigger positions than they would ordinarily be able to. Although leverage can amplify gains, it risks the trader’s account when prices move against their prediction. 

The drop of ETH prices from $2,100 moved against leverage traders in, among other platforms, Binance and OKX, leading to tens of millions of dollars being liquidated.

Ethereum Price On April 19| Source: ETHUSDT On Binance, TradingView

By liquidating a position, the exchange forcefully closed the long position and secured the margin since it couldn’t cover the ongoing loss. How quickly a position can be liquidated also depends on the leverage level. Traders with high leverage and trading bigger positions in a volatile market stand a higher risk of having their positions liquidated. 

The sharp spike in ETH long liquidations is less than a week after $54 million of short positions were liquidated on April 14. The number of ETH shorts closed by the exchange was also the largest in over a month. As the trend observed, most of those short positions were from Binance and OKX. There were also more short positions closed on Bybit and Deribit.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 64,431.26
ethereum
Ethereum (ETH) $ 3,445.81
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 573.90
solana
Solana (SOL) $ 157.90
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,451.41
xrp
XRP (XRP) $ 0.585694
the-open-network
Toncoin (TON) $ 7.40
dogecoin
Dogecoin (DOGE) $ 0.124414
cardano
Cardano (ADA) $ 0.44747
tron
TRON (TRX) $ 0.13414
shiba-inu
Shiba Inu (SHIB) $ 0.000019
avalanche-2
Avalanche (AVAX) $ 28.13
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 64,355.24
polkadot
Polkadot (DOT) $ 6.47
chainlink
Chainlink (LINK) $ 14.40
bitcoin-cash
Bitcoin Cash (BCH) $ 388.26
near
NEAR Protocol (NEAR) $ 6.23
uniswap
Uniswap (UNI) $ 8.21
litecoin
Litecoin (LTC) $ 73.84
leo-token
LEO Token (LEO) $ 5.83
dai
Dai (DAI) $ 1.00
matic-network
Polygon (MATIC) $ 0.545911
pepe
Pepe (PEPE) $ 0.000012
wrapped-eeth
Wrapped eETH (WEETH) $ 3,576.12
internet-computer
Internet Computer (ICP) $ 9.62
kaspa
Kaspa (KAS) $ 0.180704
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.45
ethereum-classic
Ethereum Classic (ETC) $ 23.70
ethena-usde
Ethena USDe (USDE) $ 1.00
aptos
Aptos (APT) $ 7.00
stellar
Stellar (XLM) $ 0.108583
monero
Monero (XMR) $ 161.57
blockstack
Stacks (STX) $ 1.89
hedera-hashgraph
Hedera (HBAR) $ 0.077261
maker
Maker (MKR) $ 2,928.45
vechain
VeChain (VET) $ 0.031929
okb
OKB (OKB) $ 42.90
cosmos
Cosmos Hub (ATOM) $ 6.55
render-token
Render (RNDR) $ 6.55
filecoin
Filecoin (FIL) $ 4.44
crypto-com-chain
Cronos (CRO) $ 0.094428
mantle
Mantle (MNT) $ 0.768227
arbitrum
Arbitrum (ARB) $ 0.756717
injective-protocol
Injective (INJ) $ 23.63
immutable-x
Immutable (IMX) $ 1.48
dogwifcoin
dogwifhat (WIF) $ 2.22
sui
Sui (SUI) $ 0.854339
bittensor
Bittensor (TAO) $ 294.76
the-graph
The Graph (GRT) $ 0.214167
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,480.40
optimism
Optimism (OP) $ 1.80
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,835.78
bonk
Bonk (BONK) $ 0.000027
arweave
Arweave (AR) $ 28.40
floki
FLOKI (FLOKI) $ 0.000188
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,572.97
notcoin
Notcoin (NOT) $ 0.01627
lido-dao
Lido DAO (LDO) $ 1.80
ondo-finance
Ondo (ONDO) $ 1.08
aave
Aave (AAVE) $ 104.49
bitget-token
Bitget Token (BGB) $ 1.08
theta-token
Theta Network (THETA) $ 1.51
jasmycoin
JasmyCoin (JASMY) $ 0.030433
fantom
Fantom (FTM) $ 0.518467
whitebit
WhiteBIT Coin (WBT) $ 9.66
based-brett
Brett (BRETT) $ 0.138744
thorchain
THORChain (RUNE) $ 4.08
algorand
Algorand (ALGO) $ 0.159468
celestia
Celestia (TIA) $ 6.53
pyth-network
Pyth Network (PYTH) $ 0.340117
jupiter-exchange-solana
Jupiter (JUP) $ 0.882986
coredaoorg
Core (CORE) $ 1.32
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,399.27
quant-network
Quant (QNT) $ 79.42
mantra-dao
MANTRA (OM) $ 1.38
sei-network
Sei (SEI) $ 0.351503
gatechain-token
Gate (GT) $ 7.71
elrond-erd-2
MultiversX (EGLD) $ 35.68
flow
Flow (FLOW) $ 0.618308
flare-networks
Flare (FLR) $ 0.021022
kucoin-shares
KuCoin (KCS) $ 9.69
eos
EOS (EOS) $ 0.597124
gala
GALA (GALA) $ 0.024376
axie-infinity
Axie Infinity (AXS) $ 5.95
bittorrent
BitTorrent (BTT) $ 0.00000091004383
beam-2
Beam (BEAM) $ 0.017407
bitcoin-sv
Bitcoin SV (BSV) $ 44.49
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,496.91
ethereum-name-service
Ethereum Name Service (ENS) $ 27.24
tokenize-xchange
Tokenize Xchange (TKX) $ 10.77
dydx-chain
dYdX (DYDX) $ 1.42
akash-network
Akash Network (AKT) $ 3.54
msol
Marinade Staked SOL (MSOL) $ 189.23
popcat
Popcat (POPCAT) $ 0.845022
tezos
Tezos (XTZ) $ 0.820655
neo
NEO (NEO) $ 11.41
ethena
Ethena (ENA) $ 0.45918