- Crypto market liquidated $362 million in the past 4 hours.
- $338 million in long orders were liquidated, signaling bearish momentum.
- $142 million was liquidated in the last hour alone.
- Market volatility spikes as long positions face heavy liquidation pressure.
Massive Liquidations Shake the Crypto Market
The cryptocurrency market experienced a major shake-up on October 2, 2024, as the entire network saw liquidations reach $362 million within just four hours. According to data from Coinglass, long orders accounted for a staggering $338 million of these liquidations, signaling a significant bearish shift. The past hour alone witnessed liquidations totaling $142 million, highlighting the extreme volatility currently impacting the market.
Long Orders Bear the Brunt of Liquidations
The sell-off primarily targeted long orders, with traders heavily impacted as the market took a sharp downturn. Over the past hour, $136 million in long positions were liquidated, while short orders saw much smaller liquidations, totaling just $6.18 million. This lopsided liquidation pattern indicates that traders betting on price increases faced severe losses as the market failed to sustain upward momentum.
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