Crypto Liquidations Over $1.7B, Binance Sees Strong Inflows

Key Notes

  • Bitcoin fell below $100,000 while Ethereum neared the $3,000 mark.
  • Crypto liquidations got over $1.7 billion, with Ethereum leading the chart.
  • Binance saw a net inflow of 8,400 BTC over the past 24 hours.

The crypto market is stuck in a highly volatile zone that’s been negatively affecting not only small-cap tokens but also the leading assets. The market-wide volatility triggered a flash crash as the global crypto market cap dropped by another 2%, reaching $3.39 trillion, according to CoinMarketCap data. Moreover, the total value lost from the digital assets market reached $840 billion over the past 30 days.

Consequently, the selloff brought $1.73 billion in liquidations ($1.32 billion belongs to long positions) over the past 24 hours, CoinGlass data shows.


Ethereum

ETH
$3 295



24h volatility:
5.9%


Market cap:
$398.59 B



Vol. 24h:
$69.63 B

 is leading the chart with $573.91 million in liquidations ($485.86 million in longs) due to its 4.5% price fall over the past day. ETH is currently trading at $3,330, slightly up from its plunge to the $3,000 mark.

Bitcoin

BTC
$101 465



24h volatility:
2.9%


Market cap:
$2.03 T



Vol. 24h:
$115.71 B

is following closely with $499.89 million in liquidations ($444.12 million in longs) as the leading asset fell below the $100,000 mark for the first time since mid-May.

BTC is hovering close to $102,000 at the time of writing. Its market cap is sitting just above the $2 trillion mark.

Coinglass data shows that the total number of traders who have been liquidated is over 430,000.

Hopes of a Recovery

With the latest market crash, some investors might be planning to sell their digital assets before a further price fall.

According to CoinGlass, Binance, the largest crypto exchange by trading volume, recorded a net inflow of 8,403 BTC, worth roughly $855 million, over the past day. The inflow shows that investors are preparing to sell Bitcoin due to market volatility.

On the other hand, 809 million USDT

USDT
$1.00



24h volatility:
0.0%


Market cap:
$183.43 B



Vol. 24h:
$203.51 B

also entered Binance in the same timeframe. Stablecoin inflows could hint at a potential buying spree, as some investors would call it a buying opportunity.

According to Santiment, the social sentiment around the market has shifted from selling to “buying dips with confidence.”

 

The market intelligence platform shows that the calls for a market “bottom” and “buy” signals have significantly increased after Bitcoin fell below $100,000.

It’s important to note that large investors continued their selloff on Nov. 4, but the sentiment shift could trigger a buying spree.

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Wahid Pessarlay

Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.

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Source: https://www.coinspeaker.com/crypto-liquidations-over-1-7b-binance-sees-strong-inflows/