Ethereum (ETH) has overtaken Bitcoin (BTC) in liquidations for the second time within the past week, signaling intensified volatility amid market corrections.
According to Coinglass data, global crypto liquidations surged to $195.11 million in the past 24 hours, with ETH leading the pack at $64.75 million, comprising $57.18 million from long positions and $7.57 million from shorts.
Bitcoin followed closely with $46.74 million in liquidations, split between $32.85 million from longs and $13.89 million from shorts.
This surge in liquidations coincides with a significant correction in the global cryptocurrency market, with total market capitalization declining from $2.53 trillion to $2.46 trillion over the past day.
This isn’t the first time ETH has outpaced BTC in liquidations recently. On May 1, ETH recorded $91.76 million in liquidations, surpassing BTC’s $68.51 million.
Coinglass data reveals a 2.12% decline in total crypto open interest over the past 24 hours, now standing at $57.17 billion.
Santiment data also indicates a decrease in BTC open interest from $10.45 billion to $10.21 billion, coinciding with a 1.5% drop in BTC price to $64,200.
Meanwhile, ETH open interest experienced a 1.7% decrease, settling at $4.89 billion, alongside a 2.7% decline in ETH price to $3,110.