Today, the broader cryptocurrency market experienced a significant sell-off, erasing $314.69 million in liquidations.

Today, the broader cryptocurrency market experienced a significant sell-off, erasing $314.69 million in liquidations. According to metrics shared by Phoenix Group, a total of 108138 traders were liquidated

Today, the broader cryptocurrency market experienced a significant sell-off, erasing $314.69 million in liquidations. According to metrics shared by Phoenix Group, a total of 108,138 traders were liquidated in the past 24 hours. Majority of sell-offs ($220.283 million) came from long positions, comprising of 71.0% of entire liquidations.

LIQUIDATION DATA IN 24 HOURS TOTAL LIQUIDATIONS: UP TO $314.69M TOP 5 COINS WITH HIGHEST LIQUIDATION:… pic.twitter.com/mW67YBhpfQ

Top cryptos with massive liquidations

The data highlighted crypto assets with the largest liquidations over the past 24 hours. Bitcoin (BTC) topped the list with a whopping $99.13 million worth of BTC trades liquidated over the period. The sudden surge of Bitcoin’s value from a low of $76,273 to $82,245 triggered massive losses for traders who created short positions.

Second on the list is Ethereum (ETH). Ether’s price drop caused a liquidation of $87.80 million worth of ETH trades. This liquidation occurred following a decline of ETH price to $1,562, representing a fall of 2.2% from yesterday.

Baby (BABY) took the third position with $25.77 million trades liquidated over the duration. Today, the asset saw a price rise, which wiped millions of dollars of short traders who expected BABY price to plunge.

Solana (SOL) came fourth with $12.65 million in liquidation, while XRP had $9.50 million in liquidation.

XRP, AERGO, and DOGE were also major tokens that recorded largest liquidations. They registered $9.50 million, $6.68 million, and $4.90 million, respectively. Furthermore, the data highlighted other assets that contributed for $314.69 million of the entire liquidations noted today.

ByBit tops in exchanges liquidations

Looking at the data, ByBit grabbed attention as it is the top exchange, which witnessed the largest liquidation over the duration. A total of $98.20 million was liquidated on ByBit, with $53.49 million coming from long positions and $44.71 million short positions.

Binance came second with $88.29 million trading volume liquidated from the exchange over the period. Long positions amounted to $53.51 million of the sell-offs, while liquidated short positions reached $34.78 million.

Other top exchanges which experienced significant liquidations include Gate.io, OKX, HTX, COINEX, BitMEX, and Bitfinex. While Gate.io witnessed $57.80 million in liquidation, OKX recorded $42.90 million sell-offs. HTX had a total $21.07 million liquidation.

COINEX, BitMEX, and Bitfinex registered $3.10 million, $659.95k, and $310.93k in sell-offs, respectively. In other words, these liquidation figures show the top seven cryptocurrency exchanges by asset trading volume.