Main navigation

Ethereum (ETH) Becomes Most Liquidated Coin Over Past 12 Hours

Wed, 12/28/2022 - 14:00
article image
Godfrey Benjamin
Ethereum's liquidation data currently above Bitcoin per Coinglass's data
Ethereum (ETH) Becomes Most Liquidated Coin Over Past 12 Hours
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Investors woke up to an unusually bearish turn on the crypto markets forcing unprecedented liquidations across most of the top digital currencies. According to data from Coinglass, a total of $45.89 million in liquidations has been recorded over the past 12 hours and more than $73 million in the past 24 hours from more than 28,300 traders.

The liquidation of a crypto position is a complex but hard-to-determine market action that can happen at any point on the market. When the market is experiencing a bullish turn, short sellers get liquidated while long traders get liquidated when the market is in a downturn as it is today.

As seen on Coinglass, Ethereum (ETH) is the most liquidated digital currency over the past 12 hours with approximately 12.86K ETH coins, worth a total of $15.36 million liquidated. Bitcoin (BTC), whose liquidation data is the most prominently published, trails closely behind with a total of 354.73 BTC worth $5.91 million liquidated within the same time frame.

Other tokens that make up the top five of the most liquidated coins include Dogecoin (DOGE), Solana (SOL) and, surprisingly, Aptos (APT) tokens.

How exchanges fared

The liquidation data showed that the largest single liquidation happened on the BitMEX cryptocurrency trading platform, which recorded a value of $840.83K. Top exchanges that suffered immense liquidations include OKX, Binance, Bybit, CoinEx and Huobi Global.

With OKX liquidations worth $21.66 million over the past 12 hours, a position that was 98.11% dominated by long positions, short traders dominated liquidations on Bitfinex. Liquidations are a yardstick to gauge price performance over time, and the more funds that are taken from the market, the less likely traders might be willing to commit more funds in practice.

This is where market dynamics set in, as a liquidation-fueled price slump can also serve as a springboard for investors to take a new position in the desired coins.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.