It’s been a wild ride on Ethereum markets over the past 24 hours as the cryptocurrency went through considerable volatility.
This caused a wave of liquidations across leveraged ETH positions, amounting to over $100 million in the past day.
- Data from Coinglass reveals that the past 24 hours saw almost $200 million in total liquidations.
- Over $110 million came from leveraged ETH positions, although the largest single liquidation order that took place on Bybit was a BTCUSD perpetual with a face value of $2 million.
- All in all, over the same period, about 75% of the total liquidations were of short positions, where most of them took place on OKEx, closely followed by Binance.
- ETH’s price underwent serious volatility over the past couple of days, having dropped towards $1.5K.
- The bulls were relatively quick to recoup the losses, though, and pushed the price back above $1,600, charting a 7% daily increase in the process.
- It’s worth noting that volatility is likely to pick up, especially as we approach the date of the Merge, scheduled for next week.