Major Liquidations in the Crypto Market

The crypto market has recently experienced significant liquidations, primarily affecting bull traders. Long positions worth $809M were liquidated in the past 24 hours, accounting for over 90% of total liquidations.

CryptoRank reported on this trend, highlighting that long positions now account for 91% of all liquidations, bringing the total to around $900 million. In contrast, short traders incurred losses totaling $72.69 million. Notably, Bybit was the most affected exchange, with 44% of liquidations (approximately $371 million) occurring there.

Breakdown of Liquidations

Data from CoinGlass revealed that:
– Bitcoin suffered the largest liquidation at $274.39 million.
– Ethereum followed with $192.98 million.
– Solana had $90.59 million in liquidations.
– XRP saw $39.10 million.

The most significant single liquidation occurred on BitMEX’s XBTUSD pair, totaling $10 million.

Current Market Status

As of now, Bitcoin has decreased by 4.75% in the last 24 hours, trading at $91,212, and is down 16% from its all-time high of $109,114. Ethereum is down 7.36% in the last week, trading at $2,441. XRP and Solana recently reported double-digit percentage losses.

Memecoins Hit Hard

Many popular memecoins are also suffering amid the crypto sell-off. Notable declines include:
– Dogecoin: down by 12% in the last day.
– Shiba Inu: down 10.72% over the last week.
– Pepe: dropped 15.25% in the past 24 hours.
– Trump (TRUMP) memecoin has fallen over 75% from its peak.

Economic Uncertainty Affects Crypto

The turmoil in the crypto market coincides with rising economic uncertainties under Trump’s administration, despite his stated support for the crypto industry. Recent policies, such as tariffs on Canada and Mexico and new restrictions on Chinese investments, are fueling market skepticism.

In response to this climate, U.S. Bitcoin exchange-traded funds (ETFs) have faced significant outflows, totaling $516.41 million as of February 24. This marks a four-day streak of negative outflows starting on February 18. However, U.S. Bitcoin ETFs still hold Bitcoin worth approximately $109.26 billion, representing 5.86% of Bitcoin’s total market cap.