In the past week, over $2.5 billion in cryptocurrency positions have been liquidated, with a substantial majority of these being long positions. Data from CoinGlass indicates that the top seven cryptocurrency exchanges experienced significant liquidations of both long and short positions during this time.
**Top Exchanges by Liquidations in the Last 7 Days – Over $2.5 Billion Liquidated in Total**
The recent market turmoil has seen a staggering $2.5 billion wiped out, predominantly affecting long positions. Let’s delve into the leading exchanges based on the liquidation amounts for both longs and shorts over the last week, as illustrated in the tweet below:
— TOP 7 ICO | #StandWithUkraine (@top7ico)
August 6, 2024
**Binance Leads the Liquidation Rankings with $1.239 Billion**
Binance stands at the forefront, with long position liquidations totaling $1.037 billion and short position liquidations amounting to $798 million, culminating in a total of $1.239 billion. Following closely is OKX, which recorded $829 million in long liquidations and $650 million in shorts, bringing its total to $1.479 billion.
HTX reported long liquidations of $268.1 million alongside $225 million in shorts, resulting in a total of $493.1 million. At Coinex, long positions reached $61.8 million, while shorts accounted for $49.6 million, leading to total liquidations of $111.4 million.
**Massive Liquidations at Leading Exchanges Underscore Market Volatility**
Bitmex experienced liquidations of $63.2 million in long positions and $57.8 million in shorts, which combined to total $121 million. Additionally, Bitfinex recorded $40.7 million in long liquidations and $37.7 million in shorts, amounting to $78.4 million.
In summary, the total liquidated amount across the market was $2.5 billion, with long positions accounting for $1.99 billion and shorts for $533.9 million. The data sourced from CoinGlass clearly illustrates the high volatility and inherent risks present in the cryptocurrency market.