For the second time in the past seven days, Ethereum (ETH) liquidation value has surpassed Bitcoin (BTC).
According to data provided by Coinglass, global crypto liquidations reached $195.11 million in the past 24 hours. ETH currently tops the list with $64.75 million in total liquidations, including long $57.18 million and short $7.57 million.
Bitcoin ranked second with $46.74 million in liquidations over the past day, with $32.85 million long and $13.89 million short.
Data shows that as the global crypto market heads toward correction, liquidation of dominant long positions has surfaced, with market capitalization falling from $2.53 trillion to $2.46 trillion in the past day.
This is the second time in the past week that Ethereum's liquidation value has exceeded that of Bitcoin. On May 1st, ETH recorded $91.76 million in liquidations, while BTC remained at $68.51 million.
Additionally, the total open interest of the cryptocurrency decreased by 2.12% in the past 24 hours and currently stands at $57.17 billion, according to data from Coinglass.
According to Santiment data, total BTC open interest decreased from $10.45 billion to $10.21 billion in the past 24 hours. Bitcoin price also fell by 1.5% in the same time frame, trading at $64,200 at the time of writing.
According to data from the market intelligence platform, ETH open interest remains at $4.89 billion, down 1.7% over the past day. Ethereum has fallen 2.7% in the past 24 hours and was trading at $3,110 at the time of reporting.
Due to the decline in global cryptocurrency open interest, a decline in price volatility of major digital assets is typically expected.
