Bitcoin price had touched briefly above $25,000 in the past day, but the rejection at this point had sent the digital asset spiraling downward. It had inevitably ended in the high $23,000 before staging a recovery. However, by then, the damage had already been done to a lot of traders. Liquidations had ramped up as quickly as the downtrend was swift, sending almost 100,000 traders into the lost territory.

$280 Million As Bitcoin Falls

In the last 24 hours, liquidation volumes have grown rapidly. As bitcoin declined below $24,000, tens of thousands of traders found themselves at the mercy of the market as their positions were all liquidated. The majority of these have occurred in the last 12 hours, where liquidations had crossed more than $100 million at this time.

More than $280 million in liquidations have been recorded in the last day, where more than 98,000 traders have been affected. The majority of these traders had been in long positions, no doubt encouraged by the recent recovery and the antiquation that has been growing ahead of the Ethereum Merge.

However, the market would once again show its unpredictability when the price of bitcoin failed to hold $25,000. Cryptocurrencies such as bitcoin experienced massive liquidations reaching $61 million in the last day alone. Long positions made up 71.77% of all liquidations, showing how bullish the market had gotten prior to the market retracement.

Ethereum Takes The Lead

Due to the fact that the market recovery had been led by the bullishness surrounding the Ethereum Merge, ETH had naturally been the digital asset to take the lead when it comes to recovery and reversals. For one of the few times in history, the price of bitcoin and others had been following the lead of Ethereum.

So now it makes sense when the price of Ethereum began to decline that, more volume was seen in terms of liquidations. Most traders had moved to open long positions in Ethereum as the bull sentiment raged on.

Ethereum alone had seen $103 million in liquidations in the last 24 hours. This comes out to more than 55,000 ETH liquidated and counting. Surprisingly though, the largest single liquidation did not happen in ETH but in BTC. It was a trade on the FTX BTC-PERP with a value of $5.03 million.

Others who have seen large liquidation volumes over the last day include ETC with $12.46 million, SHIB with $11.95 million, and SOL with $10.72 million. A total of 98,686 traders had been liquidated at the time of this writing.