Ether Sees Higher Liquidations Than Bitcoin After Falling Under $3.2K

Ether Sees Higher Liquidations Than Bitcoin After Falling Under $3.2K

Traders racked up $182 million in losses on ether-tracked futures products in the past 24 hours, according to data from analytics tools Coinglass. That is $14 million higher than bitcoin-tracked futures, which usually see the largest liquidations in the crypto market, during a comparable period.

Liquidations occur when an exchange forcefully closes a trader’s leveraged position as a safety mechanism due to a partial or total loss of initial margin. That happens primarily in futures trading, which only tracks asset prices, as opposed to spot trading, where traders own the actual assets.

Over 87% of the total $182 million in losses came from long positions, while only $22 million worth of short positions were liquidated. The majority of the liquidations occurred on crypto exchange OKEx, which saw almost $79 million in losses, followed by FTX at $27.6 million.