The cryptocurrency market has seen over $210 million in liquidations overall, with long positions making up 85% of this during the latest market turmoil.

Data from crypto analytics platform Coinglass confirms the impact of recent turbulence, resulting in a 4% drop in Bitcoin (BTC) price over the last 24 hours. A total of 92,298 traders have faced liquidations valued at $210.26 million across both long and short positions.

The majority of these liquidations, totaling $178.2 million, are associated with long positions, while short positions have witnessed liquidations amounting to $32.05 million. With long positions representing 84.7% of the liquidated trades, sentiment has swiftly shifted from bullish to bearish, evident as the market turns red.

Additionally, the current market instability follows Bitcoin's retreat from its recent peak of $67,183 on April 23. Since then, BTC has undergone a significant correction, resulting in a 3.2% decline by the end of yesterday's trading session.

This bearish momentum has continued, causing Bitcoin to drop below the psychologically important $64,000 level earlier today. The global cryptocurrency market capitalization has decreased by 3.87% over the past 24 hours, now standing at $2.47 trillion, as altcoins enter bearish territory.

As the leading cryptocurrency, Bitcoin has experienced the largest liquidated positions among all crypto assets, totaling $44.6 million within the past 24 hours.

The liquidation trend was noticeable across the market on April 18 before the most recent Bitcoin halving, resulting in a loss of $247 million. The Bitcoin halving, occurring on April 20, brought renewed optimism after this downturn, prompting a resurgence of long positions amid the market's recovery.

Despite the recent rise in liquidations, the derivatives market has seen a surge in volume, with trade volume increasing by 30% in the last 24 hours to reach $159 billion at the time of reporting. This increase is attributed to a rise in short positions, with the long/short ratio currently at 0.7832.