The crypto market has seen some recovery today with the prices of the majority of cryptocurrencies registering significant price surges. Bitcoin (BTC) price had, for example, surged by more than 6% to trade above $20,600 at press time. Ethereum (ETH) price on the other hand had gained 14% over the last 24 hours to trade above $1,500.

In general, the global crypto market cap had increased by about 7.29% over the last 24 hours to about $996.83B.

Over $1.1 billion worth of liquidations

The sudden surge in crypto prices has resulted in massive liquidations mostly from traders who had shorted the bear market.

In total, contracts worth about $1.1 billion according to Coinalyze have been liquidated over the past 24 hours. Perpetual contracts accounted for a majority of the total liquidations with about $1 billion worth of liquidations. Futures contracts only saw liquidations worth about $6.8 million.

In terms of the type of trades, the bulk of these liquidations were from short positions which saw liquidations worth over $908.1 million in the last 24 hours with perpetual short positions seeing liquidations worth about $901.6 million.

Long positions from traders who mistimed the bull rally also saw their positions liquidated due to the return of volatility. In total, according to Coinalyze, about $142.1 million worth of long positions have been liquidated over the past 24 hours.

FTX sees the most liquidations

Crypto exchange FTX registered over $745 million in short liquidations and over $115 million in long liquidations. Binance follows in the second position with over $56 million in short liquidations and over $14 million in long liquidations.

OKX exchange has seen $39.58 million worth of short liquidations and $4.40 million worth of long liquidations. Bybit comes at position four with $31.30 million worth of short liquidations and $4.46 million worth of long liquidations.