Ethereum Outpaces Bitcoin Amid Heavy Liquidations: Market Capital Shifts

Ethereum has taken the lead in global crypto liquidations, surpassing Bitcoin and reaching a new record of over $665 million in losses on August 23rd. This surge highlights a shift in market dynamics as Ethereum’s value soared above $4,800, driving increased trading activity and investor interest. CoinGlass data reveals that nearly $285 million was liquidated from futures traders alone for Ethereum (ETH), leaving Bitcoin at approximately $70.5 million in losses. 23 August saw a dramatic increase in liquidations across the market. While large transfers and strong ETF inflows fueled this shift, some trader capitulation is also observed.