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Home»ADOPTION NEWS»DeFi liquidations hit a yearly high of $350 million in the past 24 hours amid market turmoil.
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DeFi liquidations hit a yearly high of $350 million in the past 24 hours amid market turmoil.

By Crypto FlexsAugust 5, 20242 Mins Read
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DeFi liquidations hit a yearly high of 0 million in the past 24 hours amid market turmoil.
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Market • August 5, 2024 2:18 AM EDT

Posted 1 minute earlier In ~

On-chain clearing across decentralized finance platforms Ethereum Ethereum

-22.00%
According to data from the analytics firm, liquidation positions totaling over $350 million were created in the past 24 hours, a new yearly high. Parsec Finance.

This comes amidst significant market volatility and a selloff across the cryptocurrency markets. Earlier today, Bitcoin plunged to its lowest level since February, falling below $53,000, while Ether hit a six-month low of around $2,300.

Most of these liquidations were concentrated in the three major assets and took place on lending protocols. ETH collateral was hit hard by liquidations, reaching $216 million in the past day. Wrapped staked Ethereum (wstETH) followed with $97 million in total liquidations, while Wrapped Bitcoin (wBTC) also saw significant liquidations, reaching $35 million in total.

The surge in liquidations could be due to a number of factors, including a sharp decline in prices across markets.

Meanwhile, centralized exchanges reported liquidations of more than $880 million in the past 24 hours, according to CoinGlass data. Of these, about $760 million were long positions, according to CoinGlass data. More than $500 million of the liquidations affected Ethereum and Bitcoin traders alone.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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