The cryptocurrency market witnessed notable turbulence in the past 24 hours as MYX, a digital asset that has gained traction among traders, experienced substantial contract liquidations. According to data from CoinGlass, MYX saw total liquidations reach $12.84 million, signaling heightened volatility and aggressive market movements.
Of particular interest is the dominance of short position liquidations, which accounted for $9.872 million of the total. This suggests a strong upward price movement during the period, likely catching bearish traders off-guard and forcing them to exit their positions.
Breakdown of Liquidation Activity
Total Liquidations: $12.84 million
Short Positions Liquidated: $9.872 million (~76.9%)
Long Positions Liquidated: $2.968 million (~23.1%)
This sharp imbalance between short and long liquidations indicates that the price of MYX likely surged in response to buying pressure, market sentiment, or possibly a catalyst event that caused traders to pivot their positions rapidly.
Market Context
The liquidation data comes amid a broader period of renewed interest in altcoins, with many traders seeking opportunities outside of major assets like Bitcoin and Ethereum. MYX, while relatively new to some, has become increasingly popular for its market activity and speculative appeal.
The spike in liquidations could also reflect increased leverage usage among MYX traders, where even small price movements can trigger forced position closures, amplifying volatility.
What This Means for Traders
For current and prospective MYX traders, the data serves as a reminder of the risks associated with leveraged trading in volatile markets. The overwhelming liquidation of short positions suggests that bearish sentiment was not only incorrect but costly over the past day.