Crypto Market Rocked By Record Liquidations Topping $1.5 Billion

The crypto market surpassed $1.5 billion in leveraged liquidations over the past 24 hours, setting a new record, according to Coinglass data. The previous record was set last week on Dec. 5 when the industry recorded $1.1 billion in liquidations.

Ethereum suffered the most liquidations, at $250 million, followed by Bitcoin with $171 million. Dogecoin, XRP, and Solana took the remaining spots in the top five, with $95 million, $75 million, and $53 million, respectively.

A total of 552,248 traders were liquidated, with the largest single liquidation order being placed on Binance for an ETH/USDT trade worth $19.69 million.

Most cryptocurrencies were battered following the liquidations. According to Coinmarketcap data, Bitcoin is down 2%, Ethereum 6%, XRP 15%, and Solana 7% in the last 24 hours.

Naturally, the volatility has stirred discourse among crypto users on social media.

“I'm reasonably confident that many of you will regret dumping your coins into crypto's largest long liquidation event since 2021 in a few weeks' time. The market has one job: To transfer money from the impatient to the patient,” said one X user.

The selloff follows a record-breaking week for crypto investment products, during which inflows hit an all-time high and assets under management (AUM) reached the $165 billion mark.