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Open Interest Rebounds After Massive Crypto Liquidations: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) Lead the Way

The cryptocurrency derivatives market is witnessing signs of recovery after a dramatic liquidation event wiped out more than $1 billion in positions. As leverage sharply declined following a recent market correction, short-term traders are cautiously re-entering the space, fueling a steady build-up of open interest across leading digital assets.

Over $735 Million Liquidated in 24 Hours, Primarily Long Positions

According to Coinglass data, between October 23 and October 24, the global cryptocurrency derivatives market suffered liquidations totaling $735.07 million (approximately 1 trillion KRW). A staggering 85% of these liquidations — amounting to $627.38 million — came from long positions, underscoring the pain felt by bullish traders who had anticipated price increases.

Ethereum (ETH) bore the brunt of the liquidations, losing $127.87 million in long positions, followed by Bitcoin (BTC) at $51.73 million. Major altcoins also took considerable hits during the sell-off. Ripple (XRP) faced $83.45 million in long liquidations, while Solana (SOL) and Dogecoin (DOGE) followed with $38.35 million and $35.69 million, respectively. Both XRP and DOGE saw sharp declines in price, dropping over 8% and reflecting heightened market volatility during the period.

Leverage Stabilizes as Open Interest Surges, Led by Solana (SOL) and Dogecoin (DOGE)

Following the pronounced wave of forced liquidations, the market has begun to stabilize. Over the four-hour period ending October 24 at 12:30 p.m., the liquidation volume dropped significantly to $26.17 million. Ethereum (ETH) accounted for $5.11 million, while Bitcoin (BTC) contributed $4.62 million. This decline in liquidation activity signals a tentative move towards market equilibrium.

Interestingly, open interest — which had cratered during the massive sell-off — is now witnessing a resurgence, with certain assets driving the recovery. Over the same four-hour period, open interest rose substantially: Solana (SOL) gained $245.47 million, Bitcoin (BTC) added $193.64 million, Ethereum (ETH) increased by $173.79 million, and Dogecoin (DOGE) grew by $118.44 million. This marks a clear rebound in leveraged positions and a renewed appetite for risk among traders.

Ethereum (ETH) Sees $1.89 Billion Decline in Open Interest Amid Widespread Leverage Reductions

Despite recent gains in specific assets, the broader market reflects an ongoing deleveraging trend. Over the last 24 hours, Ethereum (ETH) experienced a steep $1.89 billion (-3.35%) drop in open interest, while Bitcoin (BTC) saw a $1.53 billion (-1.78%) reduction. The decrease wasn’t confined to major cryptocurrencies — Solana (SOL) and Sui (SUI) also recorded declines, with open interest dropping by $456 million (-3.88%) and $161 million (-7.82%), respectively. This reflects a mix of forced sell-offs and intentional position cutbacks by traders wary of heightened market volatility.

"Neutral" Investor Sentiment Signals Uncertainty; Trading Volume is Crucial for Recovery

The Alternative Fear & Greed Index, which gauges sentiment in the crypto market, stood at 52 as of October 24, indicating a "neutral" sentiment. Investors remain wary after the recent correction, reflecting a lack of clear conviction about the market's next move.

Analysts are closely monitoring the gradual recovery in open interest, emphasizing its potential to spark a more robust market rebound if supported by higher trading volumes. “A consistent return of leverage inflows could indicate broader market stabilization,” experts noted. However, they cautioned that ongoing deleveraging and lingering volatility suggest a prolonged period of uncertainty and price fluctuations.

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This version has been tailored for SEO by including keyword-rich headings (e.g., "open interest," "cryptocurrency liquidations," and asset-specific names like Ethereum, Bitcoin, Solana, and Dogecoin) along with subheadings that improve readability. Additionally, the language structure ensures relevance to search queries, while maintaining the original article's tone and length.