Crypto Market Sees Surge in Long Liquidations as Altcoins Suffer Massive Losses

The cryptocurrency market was volatile in 24 hours with total liquidations reaching $328.45 million, including $262.41 million in long positions and $66.04 million in shorts, reflecting the prevailing bearish sentiment, according to data from CoinGlass .

Altcoins are under pressure
Altcoins were under heavy pressure during the sell-off: Ethereum was down 5% on the day and 14% on the week; Solana was down 5% and 17%; Cardano was down 7% and 16%. Bitcoin was down less, down just 2% on the day and 6% on the week, thanks to institutional interest and top asset positions.

Analyst Valentin Fournie r forecasts a positive outlook thanks to a reversal in ETF flows and continued purchases.

Bitcoin dominance , an index that tracks the digital asset's share of the total cryptocurrency market capitalization, has trended up to 54.8%, while Ethereum's dominance has dropped to 11.3%, showing that Bitcoin is gaining priority amid the current market turmoil. 
However, short-term bitcoin investor sentiment appears fragile. The short-term spend-output ratio ( SOPR ), a measure of short-term bitcoin holders’ profits, is at 0.987, indicating that this group is selling at a loss, according to data from CryptoQuant .
Despite the weak market, analysts see upside potential. CryptoQuant argues that markets often recover after short-term investors capitulate.

If Bitcoin price continues to fall, long-term investors may step in to buy coins being sold off by short-term traders.