Crypto Chaos: Liquidations Skyrocket as Fear Index Plummets! 😱💸

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Ah, the market-wide investor sentiment, a fickle beast, is currently galloping headlong into the abyss of bearishness, all thanks to a crypto liquidations chart that has decided to take a skyward leap, much like a startled cat. 🐱

Crypto Market Goes Red as $634 Million Liquidations Surface | Source: coin360.com

According to the ever-reliable oracle known as Coinglass, the total daily crypto liquidations have surged by a staggering 400% in the last 24 hours, reaching a jaw-dropping $690 million. Most of these liquidated positions are longs, worth a hefty $546 million, while short traders are left clutching their pearls with a loss of about $142 million. Oh, the humanity! 😱

Bitcoin, the granddaddy of digital currencies, is leading the charge with $271 million in liquidations ($217 million longs and $54 million shorts) in just 24 hours. Its price is swinging about like a pendulum in a windstorm, oscillating between $80,000 and $86,000, currently hovering around the $84,000 mark, down a mere 2.2% over the last day. Not that anyone’s counting! 🤑

Ethereum, the second in command, is trailing behind with $122 million in liquidations—$96 million in longs and $26 million in shorts. It seems the crypto world is having a bit of a meltdown, and not the fun kind. 🔥

Interestingly, during this delightful marketwide downturn, Bybit’s $232 million liquidations have outstripped Binance’s $206 million. The largest single liquidation order still took place on Binance, worth a staggering $32 million in the BTC/USDT pair, according to our trusty friend Coinglass.

The latest wave of liquidations comes as the crypto market struggles to recover from a massive weekend selloff. According to the data provided by CoinMarketCap, the global cryptocurrency market capitalization is currently lounging at $2.75 trillion, down 2.3% in the past 24 hours. It’s like watching a balloon slowly deflate. 🎈

On the bright side, the daily crypto trading volume has doubled to $110 billion. This surge in trading activity could suggest a potential buying spree ahead, but the CMC Fear and Greed Index has taken a nosedive from 39 to 17 over the past week, indicating “extreme fear” among traders and investors. It’s like a horror movie, but without the popcorn. 🍿

One of the main culprits behind this mass selloff could be the whales taking profits after a strong Bitcoin accumulation last week. Bitcoin whales and sharks—those addresses holding at least 10 BTC—have purchased 4,846 BTC over the past week, according to the wise sages at Santiment.

🐳🦈 Bitcoin’s whale & shark wallets have gone through several key turning points these past 6 months, as the chart below reveals. In short, their mild dumping from mid-February to early March contributed to crypto’s latest dump. But since March 3, wallets with 10+ $BTC have…

— Santiment (@santimentfeed) March 10, 2025

The chart provided by the market intelligence platform shows that Bitcoin’s whale accumulation usually faces a selloff from short-term traders. It’s a bit like a game of musical chairs, but with more money and fewer chairs.

If the short-term selling pressure cools down, whales and sharks would likely start accumulating the flagship digital currency again. It’s all very dramatic, really.

Another long-term bullish driver for the market, specifically Bitcoin, could be U.S. President Donald Trump’s executive order to create a national Bitcoin reserve, as reported by CoinSpeaker last week. Because when in doubt, just throw some government backing at it!

Trump signed the executive order to store the 200,000 BTC seized from criminal addresses as a long-term asset. Because nothing says “trustworthy” like a national Bitcoin reserve, right? 🤔

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2025-03-10 22:16