ETH liquidations surpass Bitcoin’s following fall below $3,200

Ethereum (ETH) liquidations have outpaced Bitcoin (BTC) for the second time in the last seven days.

According to data provided by Coinglass, global crypto liquidations reached $195.11 million in the last 24 hours. ETH is currently at the top with liquidations totaling $64.75 million, including $57.18 million long and $7.57 million short.

Bitcoin ranks second with a liquidation of $46.74 million last day; $32.85 million long and $13.89 million short position.

According to data, dominant long position liquidations occur as the global cryptocurrency market corrects; The total market value dropped from 2.53 trillion dollars to 2.46 trillion dollars last day.

This is the second time in the past week that Ethereum liquidations have outpaced Bitcoin. On May 1, ETH witnessed liquidation of $91.76 million, while BTC was hovering at $68.51 million.

Moreover, according to Coinglass data, total crypto open interest decreased by 2.12% in the last 24 hours and currently stands at $57.17 billion.

According to Santiment’s data, BTC’s total open position decreased from 10.45 billion dollars to 10.21 billion dollars in the last 24 hours. Bitcoin price also recorded a 1.5% decline in the same time frame and is trading at $64,200 at the time of writing.

BTC price, ETH price and open interest data – May 7 | Source: Santiment

Data obtained from the market intelligence platform shows that ETH open position decreased by 1.7% in the past day and is at $ 4.89 billion. Ethereum is down 2.7% in the last 24 hours and is trading at $3,110 at the time of reporting.

With global cryptocurrency open interest decreasing, lower price volatility is generally expected for leading digital assets.