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

On-chain clearing across decentralized finance platforms Ethereum Ethereum

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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.

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