Over $590 million was liquidated in the crypto market over the past 24 hours,

Over $590 million was liquidated in the crypto market over the past 24 hours, impacting 194,284 traders, according to data from Coinglass. The largest single liquidation order occurred on OKX’s BTC-USDT-SWAP, valued at $15.56 million.

Long positions bore the brunt, accounting for approximately $343.67 million of the total liquidations, while short positions made up $249.48 million. Bitcoin led the liquidations with $122.77 million, followed by Ethereum with $88.33 million.

However, just $36 million of the liquidated short positions occurred in Bitcoin-related contracts, indicating that the majority of long liquidations affected altcoins. Across multiple exchanges, Ethereum, Doge, XRP, BNB, WIF, TIA, ADA, and others saw the majority of liquidations in long contracts. The majority of liquidations for Bitcoin and Solana were in shorts.

Binance experienced the highest exchange liquidations at $235.04 million, with 62.24% coming from long positions. OKX and Bybit followed, registering $169.48 million and $123.41 million in liquidations, respectively.

The surge in liquidations coincides with Bitcoin’s 3.64% price increase over the past 24 hours, reaching $82,522.45, according to CryptoSlate data. Ethereum also saw a rise of 0.50%, hitting $3,181.01.

Market analysis suggests that traders may have been overly optimistic amid the bullish trend, leading to an imbalance in long positions. While Bitcoin has made 12 new all-time highs in the past 7 days, it has also seen several drops of around 3%. The recent data highlights the potential over-eagerness of traders unable to anticipate even minor volatility inherent in the crypto market, emphasizing the risks associated with leveraged trading.