"Virtual Asset 24-Hour Futures Liquidation Nears $1.42 Billion"

As the virtual asset (cryptocurrency) market slightly rebounded, the futures market position liquidation amount was found to be nearing $1.42 billion.

According to CoinGlass data on the 7th (local time), a total of $1.42 billion worth of futures positions were liquidated in the virtual asset market over the past 24 hours. Most of these were long (buy) position liquidations. During the same period, $1.22 billion of long positions were liquidated, and $202.56 million of short (sell) positions were liquidated.

In the case of Bitcoin (BTC) during the same period, the total liquidation amount ($478.19 million) included $409.46 million in long position liquidations. The leading altcoin Ethereum (ETH) also saw $348 million of its total liquidation amount ($416.61 million) in long positions.

However, the slight rebound of some virtual assets, including Bitcoin, also contributed to the increase in short position liquidations, impacting the 24-hour liquidation amount. In the past hour, $15.52 million of short positions were liquidated in the virtual asset market, surpassing the long position liquidation amount ($4.26 million).

Meanwhile, virtual assets such as Bitcoin and Ethereum have partially recovered their losses. As of 8 PM, based on the Binance USDT market, Bitcoin and Ethereum are trading at $77,022 and $1,493, respectively, down 7.04% and 16.55% compared to 24 hours ago.