The crypto market recorded a notable bearish momentum over the past day, bringing increased liquidations.

According to data provided by CoinGecko, the global crypto market capitalization declined by 3% in the past 24 hours — falling from $2.31 trillion to $2.27 trillion. This shows a roughly $40 billion decrease.

The daily trading volume, however, rallied by 50%, reaching $99.5 billion.

Many of the leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), saw downshifts. BTC is currently trading at $62,400 and ETH is hovering close to the $2,400 mark.

The market-wide decline brought a $220 million liquidation, per data from Coinglass. Over 69% of the liquidations, worth $153 million, belong to long positions.

Data shows that Bitcoin is leading the chart with $58.6 million in liquidations — $35.1 longs and $23.4 million shorts. Ethereum is hovering close with $50.6 million in liquidated trading positions — $42.8 million longs and $7.8 million short.

Binance alone accounts for $105 million in liquidations, followed by OKX’s $74 million. 

According to Coinglass data, the largest single liquidation, worth $10.97 million in ETH/USDT pair, happened on Binance.

Following the mass liquidations, the total cryptocurrency open interest decreased by 2% and is currently sitting at $60.9 billion.

Usually, a declining open interest brings lower price volatility due to a decreased amount of expected liquidations.