If the price of Ether (ETH) falls below $3,100, the cryptocurrency market could witness the liquidation of leveraged long positions amounting to over $212 million.
Within a 24-hour period leading up to 10:40 am UTC, Ether experienced a 9.3% drop to $3,254. On a weekly chart, Ether has declined by more than 18%. Should it fall to $3,100, over $212 million worth of long leverage would be wiped out, as reported by Coinglass data.
In the event that Ether falls below the psychological threshold of $3,000, liquidations could reach $237 million.
Over the past 24 hours, the recent price volatility has resulted in a total of $624.4 million in liquidations. Long positions, which involve investors speculating on price increases, accounted for $514 million of liquidations, while short positions amounted to $110 million.
Coinglass data reveals that OKX exchange recorded the highest amount of liquidations at $90.8 million, followed by Binance with $79.9 million, and Bybit with $23.4 million.
Bitfinex has shared a report with Cointelegraph suggesting that Bitcoin’s significant pullback since March 14 could test institutional appetite and potentially lead to a period of price recalibration across the broader crypto market.
Meanwhile, according to Bitfinex, there has been a record-high net outflow of Ether from exchanges, with 154,000 Ether being moved off crypto exchanges on March 11. This reduction in available supply on exchanges could potentially contribute to upward price movement.
In other news, a mysterious Bitcoin whale, known as ‘Mr. 100’, has emerged as the 14th-largest holder of BTC.