Lookonchain, a crypto market on-chain resource, recently analyzed the market sentiment surrounding Ethereum (ETH) following its surge above $2,000.
Key Takeaways
- Over $300 million worth of leveraged long positions were liquidated in the cryptocurrency market in just 24 hours, marking the most extensive flush-out since August 17.
- Bitcoin traders suffered the most with over $133 million in liquidations, followed by Ethereum traders with liquidations amounting to roughly $70 million.
- The largest single liquidation order occurred on OKX with a BTC-USDT-SWAP valued at $9.45 million. Overall, Bitcoin longs faced liquidations of $120 million, while Ether faced $64 million.
- The distribution of these liquidations reveals that the majority took place on OKX, with a substantial percentage of them being long positions.
Significant Liquidations in Crypto Market
The cryptocurrency market witnessed the most extensive liquidation of leveraged long positions in months, with over $300 million liquidated in 24 hours.
Ethereum Whales Awaken: Analyzing Bullish and Bearish Signals#ethereum #ETH #tafouio #cryptonews pic.twitter.com/IxfXtuaJcZ
— tafou.io (@tafouio) November 15, 2023
The large number of liquidations, affecting approximately 88,667 traders, suggests that many investors were caught off guard by the sudden market downturn.
Bitcoin and Ethereum Traders Hit
Bitcoin traders suffered the most significant losses, with over $133 million in liquidations, followed by Ethereum traders with liquidations of around $70 million.
The largest single liquidation order occurred on OKX, involving a BTC-USDT-SWAP valued at $9.45 million. Both Bitcoin and Ether faced substantial liquidations.
To Conclude
The analysis did not definitively categorize the sentiment of these Ethereum investors as bullish or bearish. Historically, moving funds to centralized exchanges can be seen as bearish, suggesting potential profit-taking or selling pressure.
