The cryptocurrency market has experienced significant sell-offs in the past two days, leading to a surge in liquidation volume. According to price data from “The Block,” Bitcoin (BTC) has dropped by 3.5% in the past 24 hours to $67,275, while Ethereum (ETH) has fallen by 4.6% to $3,495.
According to data from CoinGlass, in the past 24 hours, sell-offs in the cryptocurrency market have led to approximately $270.4 million in leveraged positions being liquidated, with long positions accounting for the majority, around $238 million.
Similar to the overall market, Ethereum contract liquidation amounts are the highest, reaching $70.5 million, with $64.6 million from long positions. Following closely behind is Bitcoin, at $68.8 million. The exchange with the highest liquidation amount is Binance, which has liquidated $99.7 million as of press time.
The United States will release two macroeconomic reports on Wednesday: the monthly Consumer Price Index report and the Federal Reserve’s monetary policy statement, with the market in a downtrend ahead of these data releases.
Luuk Strijers, CEO of cryptocurrency options exchange Deribit, stated in an interview with The Block on Tuesday that the correlation between Bitcoin and risk assets is higher than usual. He said:
