If the price of Ether (ETH) falls below $3,100, the cryptocurrency market could witness the liquidation of leveraged long positions worth more than $212 million. In the 24 hours leading up to 10:40 am UTC, Ether experienced a 9.3% drop to $3,254. On a weekly chart, Ether has fallen over 18%, and a drop to $3,100 would result in the wiping out of more than $212 million worth of long leverage, as reported by Coinglass data.
According to CoinGlass, if Ether falls below the psychological level of $3,000, liquidations could reach $237 million.
The recent price volatility has triggered a total of $624.4 million in liquidations within the past 24 hours. The majority of these liquidations were of long positions, with $514 million worth of long positions and $110 million worth of short positions being wiped out due to price swings.
Coinglass data reveals that OKX exchange witnessed the most liquidations, totaling $90.8 million. This was followed by Binance with $79.9 million and Bybit with $23.4 million in liquidations within the past 24 hours.
A report from Bitfinex shared with Cointelegraph suggests that Bitcoin’s sharp pullback since March 14 could test institutional appetite and potentially lead to a period of price recalibration in the wider crypto market.
Bitfinex also highlights that there has been a new record high of Ether net outflows from exchanges. On March 11, 154,000 Ether were moved off crypto exchanges, reducing the available supply and potentially causing upward price movement.
In other news, a mysterious Bitcoin whale, known as “Mr. 100,” has become the 14th-largest BTC holder.