In this 24-hour liquidation list, the name with the most liquidations isn’t the one with the biggest market cap. During the period on October 8, about $356 million in Ethereum (ETH) was liquidated, compared with about $298 million in Bitcoin. The former had a market cap of about $302 billion, the latter about $1.65 trillion. Liquidations across the market exceeded $1.1 billion, with more than $1 billion on the long side.
The money being wiped out isn’t showing up in the spot column. Over the past 24 hours, Ethereum futures trading volume was about $63.5 billion, versus about $4.1 billion in spot trading—a ratio of about 15.4. Bitcoin’s ratio was about 11.4. Ethereum’s open interest stood at $32.3 billion. Prices moved only a few percentage points, yet the liquidated amounts ran into the hundreds of millions.
I divided this list by the market cap of each asset, and the rankings changed shape. Ethereum’s $356 million in liquidations against a $302 billion market cap works out to about $1.18 million per $1 billion; Bitcoin’s $298 million against $1.65 trillion works out to about $180,000. After adjusting for market cap, the two figures differ by about $1 million, while the totals on the list differ by just $60 million.
Ethereum: $356 million / $302 billion / $1.18 million; Bitcoin: $298 million / $1.65 trillion / $180,000; Solana: $71 million / $63.8 billion / $1.11 million; Near: $25 million / $6.3 billion / $4 million. The three columns show liquidation amount, market cap, and the amount per $1 billion of market cap. Ranked by the first column, Ethereum comes first and Near last; ranked by the last column, Near rises to the top and Bitcoin falls to the bottom, while the other two sit in adjacent places.
Meanwhile, the side that could absorb these tokens was moving out. Ethereum’s listed spot products recorded net outflows for eight consecutive trading days, with about $580 million withdrawn from October 1 to 8. Bitcoin saw about $730 million leave over two days. As the liquidation wave wound down, the direction flipped: in the four hours after the turn, about $25 million was liquidated, with roughly 78% on the short side.
The depth of the margin cushion shows up in the per-market-cap column; the total only tells you whose name comes out on top. If, going forward, the liquidation-amount ranking and the density ranking merge—and Ethereum’s density falls to Bitcoin’s level—I’ll have to rewrite this list as read through density. If the two rankings continue to diverge, with smaller-cap names still near the top, this reading holds. To line up these two figures yourself, you first need that day’s open and close. Ethereum’s ETH daily candles are laid out one by one on Binance’s market page; if you want to check the range against the current price before buying, this page is all you need. $MAGIC
$KAIA
$BAT
#以太坊清算额达3.56亿美元
The money being wiped out isn’t showing up in the spot column. Over the past 24 hours, Ethereum futures trading volume was about $63.5 billion, versus about $4.1 billion in spot trading—a ratio of about 15.4. Bitcoin’s ratio was about 11.4. Ethereum’s open interest stood at $32.3 billion. Prices moved only a few percentage points, yet the liquidated amounts ran into the hundreds of millions.
I divided this list by the market cap of each asset, and the rankings changed shape. Ethereum’s $356 million in liquidations against a $302 billion market cap works out to about $1.18 million per $1 billion; Bitcoin’s $298 million against $1.65 trillion works out to about $180,000. After adjusting for market cap, the two figures differ by about $1 million, while the totals on the list differ by just $60 million.
Ethereum: $356 million / $302 billion / $1.18 million; Bitcoin: $298 million / $1.65 trillion / $180,000; Solana: $71 million / $63.8 billion / $1.11 million; Near: $25 million / $6.3 billion / $4 million. The three columns show liquidation amount, market cap, and the amount per $1 billion of market cap. Ranked by the first column, Ethereum comes first and Near last; ranked by the last column, Near rises to the top and Bitcoin falls to the bottom, while the other two sit in adjacent places.
Meanwhile, the side that could absorb these tokens was moving out. Ethereum’s listed spot products recorded net outflows for eight consecutive trading days, with about $580 million withdrawn from October 1 to 8. Bitcoin saw about $730 million leave over two days. As the liquidation wave wound down, the direction flipped: in the four hours after the turn, about $25 million was liquidated, with roughly 78% on the short side.
The depth of the margin cushion shows up in the per-market-cap column; the total only tells you whose name comes out on top. If, going forward, the liquidation-amount ranking and the density ranking merge—and Ethereum’s density falls to Bitcoin’s level—I’ll have to rewrite this list as read through density. If the two rankings continue to diverge, with smaller-cap names still near the top, this reading holds. To line up these two figures yourself, you first need that day’s open and close. Ethereum’s ETH daily candles are laid out one by one on Binance’s market page; if you want to check the range against the current price before buying, this page is all you need. $MAGIC
$KAIA
$BAT
#以太坊清算额达3.56亿美元