Cryptocurrency analyst CoinGlass in its report showed that the crypto market experienced liquidity that reached a value of $495 million involving 197,083 investors in a 24-hour period.
The largest liquidity occurred on the Binance crypto platform, which was $13.24 million.
In addition, Binance, OKX and HTX tokens also led in the large amount of crypto liquidated during the period.
This happened on a string of high rises that triggered market correction activity again.
XRP plunged more than 10% early Sunday before recovering some of its losses. It still recorded an increase of almost 30% over the past week.
Bitcoin, the market's leading cryptocurrency, also retreated towards the $95,000 level after failing to reach the $100,000 target last Friday.
Meanwhile, the market is still accumulating Bitcoin following the price drop this weekend.
Six new wallets have also reportedly moved to remove 1,110 BTC from the Binance exchange in just a few hours.
Matthew Sigel, Head of Digital Asset Research at VanEck, said the market is in an “overbought” cycle.
He added that Bitcoin is currently 28% above its 50-day moving average, which is high. In previous cycles, they routinely hit 40% plus and remain there.
