The cryptocurrency market could witness the liquidation of leveraged long positions amounting to more than $212 million if the price of Ether (ETH) falls below the $3,100 threshold. Within a 24-hour period leading up to 10:40 am UTC, Ether experienced a 9.3% drop, reaching $3,254. This represents a weekly decline of over 18%, and if the price were to fall to $3,100, it would result in the elimination of over $212 million worth of long leverage, as stated by data from Coinglass.
According to the Liquidation Heatmap provided by CoinGlass, liquidations could reach $237 million if Ether falls below the psychological level of $3,000. In the past 24 hours alone, the recent price volatility has led to a total of $624.4 million in liquidations. These price swings primarily affected long positions, resulting in the elimination of $514 million worth of long positions and $110 million worth of short positions.
Among the exchanges, OKX saw the highest amount of liquidations at $90.8 million, followed by Binance with $79.9 million, and Bybit with $23.4 million during the past 24 hours, according to Coinglass data.
In a report shared with Cointelegraph, a Bitfinex Analyst suggests that Bitcoin’s sharp pullback from March 14 may test institutional appetite and potentially lead to a period of price recalibration in the broader crypto market.
Additionally, on March 11, there was a new record high in Ether net outflows from exchanges, with 154,000 Ether being withdrawn. This reduction in available supply on exchanges could potentially result in upward price movement, according to Bitfinex.
Finally, the identity of ‘Mr. 100’, a mysterious Bitcoin whale who has become the 14th-largest BTC holder, remains unknown.