Despite the lack of action on the cryptocurrency market at first glance, a second look actually opens up quite an eloquent picture, especially when placed on the liquidation data of perpetual futures on cryptocurrencies.
For example,CoinGlass presents a stark picture, as $229.74 million were liquidated in the past 24 hours, $160.9 million, or ironically 69.69%, were lost in long positions. That is two-thirds of the total and a rather bearish statistic, which is obvious.
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But it is not the wildest figure that can be extracted from this data, because forXRP, for example, the imbalance in liquidations between bulls and bears over the period was a whopping 1,178%.
That is exactly how much more was liquidated on the long side than on the short side. Just think, of the $12.31 million liquidated inXRP futures trading over the last 24 hours, only $963,050 were for misplaced sales.
XRP price, meanwhile
What's fascinating is that theprice of XRP fell 5% in that time, a small margin on the cryptocurrency market, though still quite large for the $137 billion market cap asset. But the four-figure imbalance in liquidations shows just how optimistic XRP traders were just 24 hours earlier - perhaps too optimistic.
The altcoin is now the third largest, not only among the top cryptocurrencies but also in the liquidation data rankings.
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If one tries to find a glimmer of hope in all of this, one could say that the tilt toward bulls' liquidations could be big enough for the market pendulum to reverse. However, this thesis will take time and patience to prove.
