- The crypto market faced over $264.94 million in liquidations within 24 hours.
- USDT led centralized exchange inflows with $553 million.
- Bitcoin recorded $221 million in net outflows as prices surged past $95K.
The crypto market witnessed volatility over the past 24 hours, with over $264.94 million in total liquidations, according to Coinglass. Notably, 119,551 traders were liquidated in the period.
A Binance trader recorded the largest single liquidation order, with a $12.46 million hit on its BTCUSDT pair. Bitcoin led the liquidation figures, contributing $82.49 million, while Ethereum, Solana, and Dogecoin also faced heavy losses.
Short Sellers Hit Hardest by Sudden Price Jumps
Interestingly, traders betting against the market (short sellers) took the biggest hit this time. Around $179.25 million of the liquidated positions were shorts. That’s more than double the $86 million liquidated from long positions. This suggests that sudden upward price movements caught many bearish speculators off guard.
For context, Bitcoin surged past $95,000 yesterday after initially trading below $93,600 before retracing to $94,631. It has now surged by 0.93% in the past day. This volatility contributed to liquidation in shorts.
Related: Bitcoin Season Reigns: Altcoin Index Flatlines Near Record Lows
Which Exchanges Saw the Most Liquidations?
Regarding platform-specific data, Binance remained at the center of liquidation activity. The exchange saw $5.57 million in total liquidations, reflecting its dominant position in global crypto trading.
Bybit followed closely with $4.69 million in wiped-out positions, while OKX recorded $2.27 million. Other exchanges, including Gate.io and HTX, experienced smaller but notable liquidation volumes.
The liquidation spike reflects a broader sense of unease among leveraged traders as the bull run is back, with bearish traders facing the heat.
Money Moves: USDT Flows In, Bitcoin Flows Out of Exchanges
While leveraged traders felt the pain, centralized exchanges experienced a significant inflow of fresh capital. According to Coinglass data, Tether (USDT) led the charge with $553 million in net inflows over the past 24 hours.
Ethereum also posted healthy figures, recording $89 million in net inflows while Bitcoin saw $235 million in net outflows, the highest among all tracked assets. USD Coin (USDC) followed with $129 million in outflows, and Dogecoin registered $18.23 million, leaving exchanges.
The movement of stablecoins like USDT into exchanges is traditionally interpreted as a sign that traders are preparing to re-enter the market. These inflows often precede increased buying activity.
On the other hand, the significant outflow of Bitcoin suggests that investors are increasingly moving their assets into self-custody solutions. This behavior is typically associated with a longer-term bullish outlook.
Related: Crypto Market Bounces Back with $644M Inflow, Ending Five-Week Outflow Streak
TRUMP Token Hype Continues
Meanwhile, unrelated to the broad market liquidations but still driving specific activity, the surge in Trump token inflow could be attributed to President Donald Trump’s dinner. The organizers announced an exclusive dinner event scheduled for May at the Trump National Golf Club in Washington, DC.
The dinner is open to the top 220 TRUMP token holders, with special benefits reserved for the top 25. The qualification period runs from April 24 to May 12, fueling a buying rush among investors.
Notably, TRON founder Justin Sun leads the leaderboard. His wallet contains 1,176,803,002 TRUMP tokens, which are currently valued at around $14.32 million.
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