According to data provided by Coinglass, global cryptocurrency liquidations reached $195.11 million in the last 24 hours. Ethereum is at the center of these liquidations. While ETH is at the top with a total liquidation of $64.75 million, $57.18 million of this amount comes from long positions and $7.57 million from short positions.

Data shows that the dominance of long positions has decreased and a correction has occurred in the market. The total cryptocurrency market value decreased from 2.53 trillion to 2.46 trillion dollars compared to the previous day. The reason behind this decline lies in investors exiting their long positions, that is, selling their cryptocurrencies.

Ethereum’s liquidations surpassing Bitcoin’s is not an exceptional situation. This is actually the second time this has happened in the last week. On May 1, $91.76 million was liquidated in ETH, while this figure was around $68.51 million in BTC. This development reveals that investors have recently become more interested in Ethereum and the activity in the market has concentrated on this altcoin.

Coinglass data shows that total crypto open interest currently stands at $57.17 billion, decreasing by 2.12% in the last 24 hours. Open interest represents the amount of debt investors use to make leveraged transactions. The decrease in open position indicates that investors are being cautious in the market and trying to stay away from leveraged transactions.

Santiment data emphasizes that Bitcoin’s total open position decreased from 10.45 billion dollars to 10.21 billion dollars in the last 24 hours. Bitcoin price also decreased by 1.5% in the same time period, trading at $64,200 at the time of writing.

Market intelligence platform data highlights that ETH’s open position decreased by 1.7% in the last day to $4.89 billion. Ethereum price has decreased by 2.7% in the last 24 hours and is currently trading at $ 3,110.

A decline in global cryptocurrency open interest generally means lower price volatility for leading digital assets. However, the cryptocurrency market has a very dynamic structure. Market fluctuations and investor behavior may not always be predictable. Therefore, it is important to closely follow the developments in the cryptocurrency market in the coming period.

As a result, high liquidations in Ethereum can be an important indicator that a correction is occurring in the market. Investors’ cautious behavior and open positions decreasing may suggest that the market is taking a breather. However, it is difficult to predict how the market will move in the coming days. By keeping a close eye on the cryptocurrency market, investors can be in a better position to make the decisions that are best for them.