Ether Liquidations Hit $356M Amid $1B Crypto Market Flush

Key Facts

About $356 million in Ether positions were liquidated over 24 hours, a rate six times higher than Bitcoin relative to market value. CoinDesk reported that this occurred during a broader market flush where $1.19 billion in total crypto positions were wiped out, with over $1 billion of those stemming from long positions.

The sharp slump in prices triggered a cascade of forced liquidations, particularly impacting highly leveraged positions. According to CoinDesk, Ether fell more than 3% to approximately $2,490, while Bitcoin saw $298 million in liquidations despite having a market value more than five times that of Ether.