In the fast-paced world of crypto, the last 24 hours have seen a flurry of activity, with a whopping $13.62 million in transactions liquidated, leaving traders reeling from the consequences. The liquidation map from Coinglass reveals some intriguing insights, particularly with regard to two crypto giants — Shiba Inu (SHIB) and XRP — who took the significant share of the hit.
Out of the total liquidation amount, $7.79 million originated from long positions, representing buyers, while $5.83 million came from sellers, indicating rather mixed sentiment of market participants.
SHIB enthusiasts, brace yourselves, as $624,080 worth of SHIB trades were liquidated during this tumultuous period. What's striking is that nearly 60% of these liquidations involved bullish positions. Delving deeper, we find that for the instrument 1000SHIB, a futures contract multiplying SHIB's price by 1,000, the longs outweighed the shorts by an astonishing 2.83 to 1 ratio. Conversely, for the standard SHIB instrument, the ratio favored shorts, standing at 1 to 3.3.
Turning our attention to XRP, it appears that XRP bulls have faced their share of challenges recently. Within the same 24-hour time frame, a staggering $259,860 in XRP trades were liquidated, with a staggering 94.55% of these liquidations linked to long positions. The odds for sure have not been in favor of XRP bulls.
With the crypto market's volatile nature, it remains to be seen how these assets will fare in the coming days. One thing is certain, it will continue to be a high-stakes arena where fortunes are won and lost in the blink of an eye.