Mass liquidations in the digital coin market: losses for Nov. 21 totaled $451 million

Researchers from CryptoDiffer noted that over the past 24 hours, liquidations on centralized cryptocurrency exchanges (CEX) reached $451 million. Binance took the leading position. It accounted for $193 million (42.79%). On the 2nd line in this list was OKX with $104 million (23.06%), and the top three is closed by Bybit with $93.8 million (20.8%). Among other exchanges in the top are HTX ($46.4 million), CoinEx ($9.94 million) and Bitfinex ($3.31 million).

Liquidations affected more than 160,000 traders, reflecting the high volatility in the market. The largest single forced closure of orders occurred on Binance in the ETH/BTC pair for $4.63 million. By asset class, bitcoin ($114 million) and ether ($65.9 million) holders were most affected. Notably, altcoins such as Dogecoin ($23.1 million) and Solana ($15.1 million) also brought their traders significant losses.

These events may indicate that many of the traders are already waiting for the market correction to begin. The decline in trading volumes on smaller exchanges, such as CoinEx and Bitfinex, confirms the more conservative behavior of risk-averse users.

Falling liquidations on some exchanges could be an indicator of stability for long-term investors. However, leveraged traders face greater risks when volatility is high. These findings emphasize the importance of risk management and careful choice of trading platform.

Since the dominant exchanges record the highest liquidation volumes, the current situation also shows their impact on the market. A further increase in liquidation volumes or stabilization could be a key factor in predicting market activity in the coming weeks.

Autor: Saifedean Ammous, especialista em economia da criptomoeda.

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