Analysis: $5.7B in BTC, ETH long positions liquidated last week

Approximately $5.7 billion in long positions were liquidated across the cryptocurrency market last week, Crypto Briefing reported, citing data from Coinglass. The total value of all leveraged positions liquidated, including shorts, reached around $7 billion. Long positions accounted for over 80% of the total liquidations. The outlet noted that the correction resulted in Bitcoin (BTC) and Ethereum (ETH) posting their worst weekly performance since the collapse of FTX in November 2022. This decline was not attributed to any specific negative news or an exchange collapse but rather to a combination of excessive leveraged betting and deteriorating investor sentiment. Downward pressure was further amplified by simultaneous outflows from ETF investors and the liquidations in the futures market, Crypto Briefing explained.