In the last 24 hours, the cryptocurrency market witnessed the liquidation of over $624 million in leveraged positions, with long positions accounting for 83% of the total.

A potential downturn in Ether’s price, dropping below $3,100, could trigger the liquidation of leveraged long positions worth more than $212 million.

Over the past 24 hours leading up to 10:40 am UTC, Ether experienced a 9.3% decline, reaching $3,254. With a weekly decrease exceeding 18%, a further decline to $3,100 would result in liquidating over $212 million worth of long leverage, as per data from Coinglass. If Ether’s price dips below the psychologically significant level of $3,000, liquidations could escalate to $237 million.

Also, read- Ethereum Layer-2 Median Transaction Fees Plummet by Up to 99% Following the Dencun Upgrade

The recent market volatility led to total liquidations of $624.4 million in the past day, predominantly affecting long positions, totaling $514 million, alongside short positions worth $110 million.

OKX exchange witnessed the highest liquidations at $90.8 million, followed by Binance with $79.9 million, and Bybit with $23.4 million over the same period, according to Coinglass data.

In light of Bitcoin’s significant pullback since March 14, there’s anticipation within the industry of potential recalibration in the wider crypto market, according to insights from a Bitfinex Analyst report shared with sources. Additionally, a new record high of 154,000 Ether outflows from exchanges on March 11 suggests reduced available supply, potentially driving upward price movement, as highlighted by Bitfinex.