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ETH liquidations outpace Bitcoin’s subsequent collapse below $3,200
Ethereum (ET) liquidations exceed those of Bitcoin (Bitcoin) for the second time in the last seven days.
Second data provided by Coinglass, global cryptocurrency settlements have reached $195.11 million in the past 24 hours. ETH is currently at the top with a total of $64.75 million in liquidations: $57.18 million long and $7.57 million short.
Bitcoin is in second place with $46.74 million in liquidations over the past day: $32.85 million long and $13.89 million short.
According to the data, dominant liquidations of long positions emerge as the global cryptocurrency market sees a correction, with the total market capitalization falling from $2.53 trillion to $2.46 trillion over the past day.
This is the second time in the last week that Ethereum liquidations have surpassed those of Bitcoin. On May 1, ETH witnessed liquidations of $91.76 million, while BTC stood at $68.51 million.
Additionally, total cryptocurrency open interest decreased by 2.12% over the past 24 hours and currently stands at $57.17 billion, according to Coinglass data.
According to data from Santiment, BTC’s total open interest fell from $10.45 billion to $10.21 billion in the past 24 hours. The price of Bitcoin has also seen a 1.5% decline over the same time frame and is trading at $64,200 at the time of writing.
BTC price, ETH price and open interest data – May 7 | Source: Santimento
Data from the market intelligence platform shows that ETH open interest has seen a decline of 1.7% over the past day and stands at $4.89 billion. Ethereum it has fallen 2.7% in the past 24 hours and is trading at $3,110 at the time of reporting.
With the fall of the global cryptocurrency open interest, lower price volatility would usually be expected for major digital assets.