Crypto Prices Plummet Amid Historic Margin Imbalance

A recent sharp correction in cryptocurrency prices triggered a wave of forced margin liquidations, creating an unprecedented imbalance on exchanges.

According to CoinGlass, buyers lost $359.45 million out of total liquidations of $504.62 million, with bears accounting for $145.16 million in the past 24 hours. Over this period, 121,934 traders had their positions forcibly closed.

The pressure peaked in the final hour of the correction, when buyers' positions were liquidated for $230.24 million. In contrast, sellers lost just $7.31 million during the same hour, resulting in an extreme hourly imbalance of 3,049% on Binance.

Major cryptocurrencies such as Ethereum and Bitcoin faced significant margin losses, totaling $49.16 million and $37.77 million respectively over the 24-hour period. XRP was also affected, with long liquidations reaching $7.68 million.