ethereum price saw a notable drop on Monday when the ethereum Foundation reportedly began selling coins. This drop, in turn, triggered a series of liquidation events that caused eth traders to suffer massive losses in the last day.
ethereum settlement volumes exceed $30 million.
On Tuesday, October 10, ethereum liquidation figures triggered by the price drop rose rapidly to cross the $32 million market. As expected, long-term traders suffered the majority of losses and Coinglass data points to 87.61% of all eth liquidation volumes coming from long-term traders.
This meant that of the more than $32 million in liquidation volumes recorded for the asset in the last day, $29.56 million came from long positions. This meant that only $2.91 million in short positions were liquidated.
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eth liquidations cross $30 million | Source: CoinGlass
ethereum also took the crown for the largest single liquidation event during the 24-hour period. The trade was made on the Binance crypto exchange via the ETHBUSD pair with a total value of $4.53 million at the time the settlement occurred.
ethereum volumes also put it ahead of bitcoin during the same period that bitcoin typically leads settlement volumes. In the 24-hour period, bitcoin settlement volumes amounted to $19.28 million, compared to $32.48 million for ethereum. But like eth, the vast majority of btc liquidation volumes came from long traders.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Ethereum-Crash-Pushes-Liquidation-Above-30-Million-More-Pains-Coming" alt="Tradingview.com ethereum Price Chart (Clearances)” width=”2804″ height=”1746″ loading=”lazy”/>
eth price struggles below $1,600 | Source: ETHUSD on Tradingview.com
More than 20,500 cryptocurrency traders suffer losses
Last day settlement volumes have been nowhere near the highest of the year, but that doesn’t make them any less significant. Data from CoinGlass shows that, at the time of writing, 20,525 cryptocurrency traders have been liquidated for a total of $56.42 million.
Of this figure, long traders accounted for losses of $44.9 million and short traders $11.48 million. Besides bitcoin and ethereum, the other assets that recorded notable volumes were bitcoin Cash (BCH) with $3.59 million, XRP with $2.77 million, and Solana (SOL) with $2.75 million.
The Binance exchange accounted for the largest volume with $24.86 million, followed by the OKX exchange with $17.16 million. Next on the list is ByBit with $6.90 million, Huobi with $5.8 million and the CoinEx exchange which completed the top 5 with $1.05 million.
If there continues to be a large swing in prices like that seen on Monday, liquidation volumes are expected to continue. The only way these volumes will remain low is if assets in the market continue to trade in a tight range.
