Crypto Market Reels from $932 Million Overnight Liquidation
Key Summary
The cryptocurrency market experienced its largest wave of forced liquidations since August, with $932 million in losses, as prices plummeted. XRP, DOGE, and NEAR were among the hardest hit, highlighting the sector's vulnerability to market fluctuations. Despite the severity of the liquidation, the technical picture suggests a controlled cleansing of the market, with Bitcoin holding above key support levels.
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Market Update
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The Liquidation
Overnight on October 15, the cryptocurrency market experienced its largest wave of forced liquidations of margin positions since August. According to CoinGlass, the daily liquidation volume amounted to $939.30 million, with $791.62 million (84.3%) of all losses falling on holders of long positions (longs).
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Key Players
The main blow was taken by Ethereum ($286.11 million) and Bitcoin ($215.49 million), while Binance itself accounted for 52.3% of the total volume of closed orders.
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Altcoin Market
The sector of highly liquid altcoins with a high share of retail capital came under pressure, with the volume of forcibly closed daily positions amounting to $12.82 million in XRP, $12.32 million in NEAR Protocol, and $12.18 million in Dogecoin.
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Technical Analysis
During the drop, the BTC price tested the dynamic support in the form of the 50-day moving average (MA 50), around $81,000, with jeweler's precision, where it met a significant volume of buying.
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Funding Rates
Funding rates on key perpetual futures remain in a stable positive zone (0.005%-0.009%), which indicates that mid-term optimism among market participants has persisted after the technical cleansing of excess leverage was completed.